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You can take a tax deduction for some education-related expenses. Which of the following does that include?

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Interest paid on student loans

Tuition

Fees

All of the above

All of the above. All of these expenses qualify.

Which of the following is true regarding tax credits?

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A tax credit reduces your taxable income as reported on Form 1040.

A tax credit reduces the actual tax you owe.

For most taxpayers, the standard tax credit will be larger and more valuable than itemizing your credits.

A tax credit reduces the actual tax you owe. Within limits, a dollar of credit reduces your tax by a dollar.

Retired workers receive more in benefits from Social Security than they contributed to it during their working years.

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True

False

True. They receive more; this is a big advantage during one's retirement years.

The purpose of the W-4 form that you fill out when starting a new job is to determine _______.

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How much you will earn during the year

How much should be withheld from your paycheck for federal income taxes

Whether you will get a refund when doing your taxes

How much should be withheld from your paycheck for federal income taxes. The W-4 helps you and your employer avoid overpaying or underpaying throughout the year.

Personal information you will need to prepare your tax return includes _______.

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Your former address

Your Social Security number

Your parents' names

Your Social Security number. Personal information you will need to prepare your tax return includes your Social Security number.

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