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Tax Deductions test

Authored by Lai Fong Fitzpatrick

Business

12th Grade

Tax Deductions test
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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What form is used to file an individual income tax return in the United States?

Form 1040EZ

Form 1040

Form W-2

Form 1099

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a category of itemized deductions on Form 1040?

Medical and dental expenses

State and local taxes

Work-related travel expenses

Standard deduction

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the maximum deduction for student loan intersest per year?

$2050

$2000

$2500

$2550

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following expenses can be itemized on Form 1040?

Personal living expenses

Charitable contributions

Federal income taxes

Cost of goods sold

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

To itemize deductions on Form 1040, which schedule must be attached?

Schedule A

Schedule B

Schedule C

Schedule D

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the threshold for deducting medical and dental expenses as itemized deductions?

7.5% of adjusted gross income

10% of adjusted gross income

5% of adjusted gross income

15% of adjusted gross income

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is true about itemized deductions vs. standard deductions?

You can claim both itemized and standard deductions in the same year.

You should itemize deductions if your total itemized deductions are less than your standard deduction.

You should itemize deductions if your total itemized deductions are more than your standard deduction.

Standard deductions are only available to taxpayers over the age of 65.

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