8.4 - Filing Your Taxes
Quiz
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Business
•
12th Grade
•
Medium
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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