Worksheets3.2 Tax Returns Quiz
Total questions: 19
Worksheet time: 14mins
A tax return is...
Money you get back for working really hard
The Internal Revenue Service (IRS)
a report containing information used to calculate taxes owed by the taxpayer
a report that you give your boss when you start working
Not filing a tax return is a crime.
True
False
_________________ is the primary source of revenue for the federal government.
Individual income tax
food stamps
sales tax
airlines
What does voluntary mean?
Done, given, or acting by force. You do not have a choice.
Done, given, or acting of one's own free will. By choice.
Individuals must file a tax return when...
their income reaches a level set by the IRS
it will happen automatically
they feel like it
On Christmas eve
Filing status is a category that determines which tax form to use and the tax liability. It is based on your...
job
unemployment
marital status
house
The Wage and Tax Statement, which shows a person’s earnings and the amounts of income, is also known as the Form _-_.
W-2
W-4
1099
I-9
The Employee’s Withholding Allowance Certificate is a federal tax form that is also called the _____.
W-2
W-4
1099
I-9
Which tax return form is the simplest form to use?
Form 1040
Form 1040A
Form 1040EZ
E-filing form
Unearned income is...
earnings from sources other than work (ex: lottery winnings, interest, rent income)
the income received from employment, including self-employment
Taxable income is the amount on which taxes are calculated.
True
False
__________ is calculated by subtracting adjustments from total income.
net pay
adjusted gross income
gross pay
taxable income
Adjusted gross income is calculated by subtracting adjustments from total income. If your total income was $67,000 and your adjustments are $7,000. What is your adjusted gross income?
$33,000
$60,000
$55,000
A tax deduction is...
an amount of extra tax money to pay
an amount that is subtracted from adjusted gross income
an amount that is added to adjusted gross income
Two types of tax deductions are:
(Choose 2)
itemized deduction
income deduction
tax break
standard deduction
An amount that a taxpayer can claim for each person who is dependent on that person’s income is called an ________.
tax break
liability
exemption
A dependent is...
Someone who is lazy
Someone who works hard
an adult individual who pays taxes and takes care of themselves
an individual who relies on someone else for financial support, such as a child, a spouse, or an elderly parent
Your tax liability is..
the amount of total tax owed on income for the year
the number of dependents you have
the amount of tax income you saved
List three basic forms used to file income taxes.
1040, 1040A, 1040EZ
1040, 1040EZ, 1099
W-2,W-4, W-12
I-35, 290, Mopac
