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What type of tax increases as your income increases?

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Progressive tax

Regressive tax

Neither of the above

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

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.

What is the standard U.S. individual tax return called?

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The W2

The 1040

The IRS form

The 1099

The 1040. IRS Form 1040 is the standard form.

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.

All other factors being equal, waiting until which age would let you receive the most Social Security benefits?

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None of these; the age does not matter

70. The longer you wait, up until age 70, the more you will receive in Social Security benefits.

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