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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.

Which type of account helps you pay for medical expenses while also saving you money on taxes?

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401k

Flexible spending account

IRA

Flexible spending account. A flexible spending account lets you set aside money from your pay, thus reducing the amount of income you will be taxed on.

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.

Everyone will have to pay Social Security tax on all their income, no matter how much it is.

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True

False

False. The amount of earnings one must pay tax on is capped, though it usually changes every year.

The various income tax filing statuses include _______.

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Married filing separately

Head of household

Single

All of the above

All of the above. There are several statuses that determine your rate.

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