Tax Quiz
Authored by Vannesa Nicolas
Financial Education
12th Grade
Used 3+ times
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15 questions
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1.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
What is the primary purpose of income tax?
To fund public services and government operations
To penalize high earners
To encourage savings
To control inflation
2.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Which form is typically used by individuals in the United States to file their federal income tax returns?
Form W-2
Form 1040
Form 940
Child Tax Credit
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the refundable portion of the child tax credit?
14,000
16,000
18,000
20,000
4.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
What is the term for the amount of income that is subject to tax?
Gross Income
Taxable Income
Adjusted Gross Income
Net Income
5.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
What is the standard deduction for a single filer in the United States for the tax year 2023?
$13,850
$18,650
$25,100
$12,950
6.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Which of the following is considered taxable income?
Gifts
Inheritance
Lottery Winnings
Child Support Payments
7.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
What does VITA stand for?
Volunteer Income Tax Association
Vice Income Tax Association
Volunteer Income Tax Assistance
Volunteer Inclusive Tax Assistance
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