Filing Income Taxes

Front

What is the purpose of filing income taxes?

Back

To determine if you owe additional taxes or if you are owed a refund.

Front

What form do employers provide to employees for filing taxes?

Back

W-2

Front

What form did you complete at the beginning of your employment that determined how much was taken out in taxes (based on your marital status and dependents)?

Back

W-4

Front

What can be deducted from your taxable income? Options: Interest on student loans, Interest on credit card debt, Interest on car loans, Food expenses

Back

Interest on student loans

Front

What is the standard deduction?

Back

A set deduction amount that lowers your effective tax rate

Front

What form is used to actually file a tax return (the form where all information is transferred to)?

Back

1040

Front

What form is used by independent contractors and the self-employed to report income?

Back

1099

Front

What should you do if you can't make the tax filing deadline?

Back

File IRS Form 4868 to get an extension

Front

Which is better: standard or itemized deduction?

Back

Whichever is higher

Front

Which of the following is NOT considered a legitimate tax deduction? Children, Pet Care Expenses, Student Loans, Charitable Donations

Back

Pet Care Expenses