Taxes and 1040 Form

What is the primary purpose of IRS Form 1040?

• To report business expenses

• To file your U.S. Individual Income Tax Return

• To apply for government benefits

• To declare foreign assets

Which of the following is NOT typically included in the personal information section of Form 1040?

• Name and address

• Social Security Number

• Filing status

• Capital gains or losses

What are the two main categories of dependents that can be claimed on a tax return?

• Qualifying child and qualifying spouse

• Qualifying relative and qualifying parent

• Qualifying child and qualifying relative

• Qualifying student and qualifying elder

Which type of interest income is generally considered tax-exempt?

• Interest from savings accounts

• Interest from certificates of deposit (CDs)

• Interest from municipal bonds

• Interest from corporate bonds

What is the taxable income if the adjusted gross income is $17,060 and the standard deduction is $13,850?

• "$17,060"

• "$13,850"

• "$3,210"

• "$30,910"

Based on the tax table for a single filer, what is the tax amount for a taxable income of $3,210?

• "$303"

• "$318"

• "$323"

• "$328"

What amount represents the federal income tax withheld from a W-2 form?

• "Wages, tips, other compensation"

• "Social security wages"

• "Federal income tax withheld"

• "Medicare wages and tips"

If the total tax owed is $323 and the total payments made are $1,600, what is the amount of the refund?

• "$323"

• "$1,600"

• "$1,277"

• "$1,923"