Personal Finance Tax Quiz

Arjun has been working part-time while studying. He is a dependent on his parents' tax return. In 2023, what is the minimum earned income Arjun needs to have before he is required to file his own tax return?

• $1,250

• $13,850

• $400

• $1,000

Nora, a high school student, received $1,000 as a gift from her grandparents. This is her only income for the year. Does she need to file a tax return?

• Yes

• Depends on other factors

• No

• Not enough information

Emma, Avery, and Samuel are planning to file their tax returns for the year 2024. When is the deadline for them to file their tax returns?

• April 15

• May 1

• June 30

• July 15

Who is considered a self-employed worker by the IRS?

• Full-time employee

• Part-time employee

• Independent contractor

• Freelancer

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

• $1,000

• $400

• $2,000

• $500

What is the self-employment tax rate for individuals?

• 15%

• 25%

• 10%

• 20%

Who is exempt from Social Security and Medicare payroll taxes as a household employee?

• Employees under 21

• Employees over 21

• All employees

• Employees under 18

Abigail has been working as a household employee for Maya's family. In 2023, what is the minimum earned income Abigail needs to have in order to file a tax return?

• $400

• $1,250

• $13,850

• $2,000

Priya is a college student and her parents claim her as a dependent on their tax return. Can Priya still file her own tax return?

• Yes, but only if she meets certain criteria

• Depends on her parents' income

• No, she cannot file her own return

• Yes, she can file her own return

What is the standard deduction for a dependent in 2023?

• Earned income plus $400

• $1,000

• Depends on the income

• $1,250