Test Your Tax IQ!

What is the deadline for filing federal income taxes in the United States?

• April 15th

• May 15th

• June 30th

• July 4th

What is the penalty for failing to file your taxes on time?

• 5% of unpaid taxes per month

• $100 flat fee

• 10% of unpaid taxes per month

• No penalty

Which of the following is considered a tax deduction?

• • A) Groceries

• • B) Rent

• • C) Gifts for friends

• • D) Charitable donations

What is the form called that most individuals use to file their federal income taxes?

• • A) Form 1099

• • B) Form W-2

• • C) Form 1040

• • D) Form 401(k)

What does the term "tax evasion" refer to?

• • A) Legally reducing taxes owed

• • B) Making a mistake on your tax return

• • C) Intentionally not paying taxes owed

• • D) Paying taxes ahead of time

Which of the following is NOT a type of tax in the United States?

• • A) Sales tax

• • B) Income tax

• • C) Property tax

• • D) Internet tax

What does the term "W-2" refer to?

• • A) A tax form for reporting self-employment income

• • B) A tax form for reporting investment income

• • C) A tax form for reporting wage and salary income

• • D) A tax form for reporting business expenses

What is the purpose of tax withholding from paychecks?

• • A) To provide extra income to employees

• • B) To pay for employee benefits

• • C) To cover the cost of government programs

• • D) To pre-pay taxes owed to the government