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Tax adjustments, deductions and credits all have one thing in common. What is that?

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Everyone gets them.

You have to work for someone else to get them.

They reduce the amount of tax you have to pay.

None of the above

They reduce the amount of tax you have to pay. Adjustments, deductions and credits all reduce the amount of tax you have to pay. They all do this in different ways.

When you take time to engage in tax planning, you can save yourself money you would otherwise pay to the government in taxes.

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True

False

True. When you take the time to engage in tax planning, you can save yourself money you would otherwise pay to the government in taxes.

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

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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.

There is one federal income tax rate that all taxpayers pay.

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True

False

False. As you earn more money, your rate increases.

Social Security is a federal _______.

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Health insurance program

Retirement income program

Disability income program

Retirement and disability income program

Retirement and disability income program.

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