8.4 - Filing Your Taxes

8.4 - Filing Your Taxes

12th Grade

11 Qs

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8.4 - Filing Your Taxes

8.4 - Filing Your Taxes

Assessment

Quiz

Business

12th Grade

Medium

Created by

Chris Gonzales

Used 10+ times

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11 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What do you need to file your tax return?

Credit card details and utility bills

Bank account number and passport

Social security number and income statement

Driver's license and birth certificate

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the difference between tax credits and tax deductions?

Tax credits reduce the amount of tax you owe, while tax deductions reduce your taxable income

Tax credits increase the amount of tax you owe, while tax deductions reduce your taxable income

Tax credits reduce your taxable income, while tax deductions reduce the amount of tax you owe

Tax credits increase your taxable income, while tax deductions reduce the amount of tax you owe

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How can tax credits and tax deductions lower your overall tax burden?

By reducing the amount of tax you owe

By increasing your taxable income

By increasing the amount of tax you owe

By reducing your taxable income

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How can you pay back any taxes you owe?

By asking for an extension every year

By not filing a tax return

By setting up a payment plan with the IRS

By ignoring the taxes and hoping they go away

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How can you maximize a tax refund?

By not claiming any deductions or credits

By filing your tax return early

By not filing a tax return at all

By claiming all eligible deductions and credits

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What fees and penalties will you incur if you fail to file a tax return or pay back taxes owed?

A discount on next year's taxes

A small processing fee

No fees or penalties

Late filing fees and interest on unpaid taxes

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the penalty for failing to file a tax return?

No penalty for late filing

5% of the unpaid taxes for each month the return is late, up to a maximum of 25%

10% of the unpaid taxes for each month the return is late, up to a maximum of 50%

20% of the unpaid taxes for each month the return is late, up to a maximum of 100%

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