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Understanding Tax Filing and Payment

Understanding Tax Filing and Payment

Assessment

Interactive Video

Business

9th - 10th Grade

Practice Problem

Hard

Created by

Jennifer Brown

FREE Resource

5 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of submitting form 4868 during tax season?

To apply for a tax refund

To extend the payment deadline

To extend the filing deadline

To reduce the amount owed

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the maximum penalty percentage for late filing of taxes?

15%

25%

30%

10%

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens if you underestimate your quarterly estimated tax payments?

You get an automatic extension

You are exempt from penalties

You face an underpayment penalty

You receive a refund

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If you are due a refund but file late, what is the consequence?

You lose the refund after 3 years

You pay a late payment penalty

You pay a late filing penalty

You receive interest on the refund

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What should you do if you can't pay your full tax bill immediately?

Wait for a penalty notice

Pay what you can and set up a payment plan

File for bankruptcy

Ignore the bill

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