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What is the name of the United States' tax collection agency?

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The federal government

The Internal Revenue Service

The State Department

The Treasury

The Internal Revenue Service. The Internal Revenue Service is the agency that collects taxes for the United States.

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 saves you more money -- the standard deduction or itemized deductions?

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The standard deduction

Itemized deductions

Neither

It depends

It depends. For most people, the standard deduction saves more money. But for others, itemized deductions save more. When you do your taxes, you will find out which is better for you.

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.

Only employees pay Social Security taxes on their earnings.

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True

False

False. Employers pay the same amount on behalf of their employees, according to how much the employees pay.

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