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

Choose wisely. There is only one correct answer.

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.

Many retirement plans are tax-deferred. This means that the earnings that build up in them are not taxed until you take them out.

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True

False

True. To be tax-deferred means that taxes are not levied until sometime later; in the case of retirement plans, that means when you finally take the money out.

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.

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.

Only employees pay Social Security taxes on their earnings.

Choose wisely. There is only one correct answer.

True

False

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

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