Tax Quiz - Business & Ethics

What are the tax filing requirements for dependents?

• All of the above

• Gross income more than $1,150

• Unearned income more than $1,150

• Earned income more than $12,950

Can a dependent file their own income tax return?

• Only if they meet the income requirements

• Yes, even if their parents claim them as a dependent

• Dependents are not allowed to file tax returns

• No, they can only be claimed by their parents

What is the deadline to file a tax return for most taxpayers?

• April 18, 2023

• April 15, 2022

• May 1, 2022

• April 30, 2023

What is the standard deduction for dependents in 2022?

• $1,150

• Earned income plus $400

• All of the above

• Basic standard deduction for filing status

Who is considered self-employed?

• All of the above

• Individuals in business for themselves

• Partners in a business

• Sole proprietors and independent contractors

What is the minimum net earnings required for self-employed individuals to file a tax return?

• $400

• $1,150

• There is no minimum requirement

• 15.3% of their earnings

What tax do self-employed individuals generally have to pay?

• Self-employment tax

• Income tax

• Sales tax

• Property tax

Who is considered a household employee?

• Individuals paid to provide services within their employer's residence

• Gardeners

• All of the above

• Babysitters and nannies

What is the tax filing requirement for household employees?

• Earned income more than the standard deduction

• Unearned income more than $12,950

• Gross income more than $1,150

• All of the above

What is the purpose of marking yourself as exempt on your W-4 form?

• To claim a tax refund

• To avoid paying income taxes

• To exempt yourself from Social Security and Medicare payroll taxes

• To ensure no income taxes are withheld from your paycheck