Chapter 8 lesson 3
Authored by Tuoya Deach
Financial Education
9th Grade
Used 1+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
When is the federal income tax filing deadline?
January 31
April 15
October 31
July 4
2.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
What is the purpose of a tax credit?
To increase taxable income
To lower tax bill
To report income and expenses
To calculate Social Security tax
3.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
What is the main form used to list income, expenses, and take the standard deduction?
Form 1099-DIV
Form 1040
Form 1099-INT
Form 1098
4.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
When should you have all your W-2s?
January 31
October 31
July 4
April 15
5.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
What is the purpose of a tax schedule?
To calculate Social Security tax
To report mortgage interest
To report certain types of income or deductions
To report profits and losses
6.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
What is the difference between standard deduction and itemized deduction?
Standard deduction is a list of eligible expenses, itemized deduction is a dollar amount subtracted from income
Standard deduction is for self-employed individuals, itemized deduction is for employees
Standard deduction is a special tax form, itemized deduction is a main tax form
Standard deduction is a dollar amount subtracted from income, itemized deduction is a list of all eligible expenses
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
What is the purpose of Form 1099-MISC?
To report interest earned on savings and investments
To report amount a client paid for freelance or contract work
To report profits and losses
To report mortgage interest
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