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If you had more income tax taken out of your paycheck than you actually owe in taxes, what can you expect to happen?

Choose wisely. There is only one correct answer.

You will get a refund.

You will owe more taxes.

The government will call it even.

You will get a refund. You had too much taken out. When you do your taxes in the spring, you will find out how much you will get back.

What kind of retirement planning contributions can help you save money on filing your taxes currently?

Choose wisely. There is only one correct answer.

A health savings account

A traditional IRA

A Roth 401(k)

A traditional IRA. Contributions to a traditional IRA can help you save money on filing your taxes currently. Roth 401(k)s cannot, and health savings accounts are not retirement plans.

Social Security is a federal _______.

Choose wisely. There is only one correct answer.

Health insurance program

Retirement income program

Disability income program

Retirement and disability income program

Retirement and disability income program.

When it comes to your taxes, what is the standard deduction?

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A list of specific deductions that you make yourself

A pre-set amount of money that you get to deduct

A tax credit for working families

None of the above

A pre-set amount of money that you get to deduct. As opposed to itemized deductions, the standard deduction is simpler and saves more money for most taxpayers.

What type of tax increases as your income increases?

Choose wisely. There is only one correct answer.

Progressive tax

Regressive tax

Neither of the above

Progressive tax. Income tax is an example of a progressive tax.

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