Federal Tax Review

How is taxable income calculated?

• Subtract deductions and exemptions from gross income

• Divide gross income by exemptions

• Multiply gross income by deductions

• Add deductions to gross income

What are the different tax brackets and rates in the federal tax system?

• 15%, 18%, 25%, 28%, 30%, 33%, and 40%

• 10%, 12%, 22%, 24%, 32%, 35%, and 37%

• 8%, 12%, 20%, 28%, 32%, 36%, and 40%

• 5%, 10%, 15%, 20%, 25%, 30%, and 35%

How is filing status determined for tax purposes?

• Based on age and income level

• Based on marital status and family situation

• Randomly assigned by the IRS

• Determined by the weather

What are the common tax forms used for federal tax filing?

• Form 1040, Form 1040A, Form 1040EZ

• Form 1098

• Form W-2

• Form 1099

When is the deadline for filing federal taxes?

• June 15th

• May 15th

• March 15th

• April 15th

What is the standard deduction for single filers in the current tax year?

• $11,500

• $15,000

• $12,550

• $10,000

What is the tax rate for the highest tax bracket in the federal tax system?

• 30%

• 25%

• 37%

• 40%

What are the different filing statuses recognized by the IRS?

• Single, Married Filing Jointly, Married Filing Separately, Head of Household, Qualifying Widow(er) with Dependent Child

• Divorced, Single with Children, Head of Family, Married with Dependents

Which tax form is used to report self-employment income?

• Form 1099-MISC

• Form 1040 Schedule C

• Form 1040 Schedule A

• Form W-2

What is the penalty for filing federal taxes after the deadline?

• A flat fee of $100 for every month the return is late

• No penalty for filing federal taxes after the deadline

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

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