9.2 Review

What is the primary purpose of filing a tax return?

• To report income, claim deductions and credits, and settle taxes owed or refunded

• To update your personal information and report income with the IRS

• To determine if you are eligible for financial aid from the government, such as an education grant or tax credit.

• To notify your employer of tax changes

Which form is used by employers to report an employee's annual compensation and tax-related withholding amounts?

• Form 1099-INT

• Form 1040

• Form W-2

Which filing status is used by single individuals who support a dependent and pay more than half the cost of keeping up a home?

• Head of Household

• Single

• Married Filing Jointly

• Married Filing Separately

An expense subtracted from total income to reduce the amount of income subject to taxation.

• Tax deduction

• Withholding

• Standard deduction

• Tax credit

Which document summarizes income from wages, salaries, and tips?

• Form 1099-NEC

• Form W-2

• Form 1099-INT

• Schedule K-1

When is the tax filing deadline for individuals and businesses in the United States?

• January 31st

• October 15th

• December 31st

• April 15th

Which form is used to report interest income from banks?

• Form W-2

• Form 1040

• Form 1099 INT

• Form 1099-DIV

What should you do if you need more time to file your tax return?

• File for an extension

• Notify your employer

• Contact your bank

• Apply for a loan

What does Adjusted Gross Income (AGI) represent?

• A tax payer's individual income for the year minus specific eligible deductions

• the portion of income that is subject to income tax

What is the deadline for employers to deliver Form W-2 to employees?

• April 15th

• October 15th

• December 31st

• January 31st