Filing Income Taxes

What is the purpose of filing income taxes?

• To show your disagreement about taxes to the government

• To avoid paying taxes altogether

• To increase your tax bill

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

What form do employers provide to employees for filing taxes?

• W-2

• 1099

• 1040

• 4868

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)?

• I-9

• W-2

• W-4

• 1040

What can be deducted from your taxable income?

• Interest on student loans

• Interest on credit card debt

• Interest on car loans

• Food expenses

What is the standard deduction?

• A set deduction amount that lowers your effective tax rate

• A deduction for charitable donations

• A deduction for medical expenses

• A deduction for educational expenses

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

• W-4

• W-2

• 1099

• 1040

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

• I-9

• 1099

• W-2

• W-4

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

• File IRS Form 4868 to get an extension

• Call the IRS and tell them you are sorry for being late but it was unavoidable

• Text the IRS and tell them you will pay within the next 90 days

• File IRS Form W-4 to get an extension

Which is better: standard or itemized deduction?

• Always standard

• Always itemized

• Whichever is higher

• Whichever is lower

Which of the following is NOT considered a legitimate tax deduction?

• Children

• Pet Care Expenses

• Student Loans

• Charitable Donations