WorksheetsACCT 2020: Chapters 1-3
Total questions: 10
Worksheet time: 2mins
Stacy determined her tax liability was $8,235. Her employer withheld $7,500 from her paychecks during the year. Stacy's tax return would show:
A refund of $735.
Tax due of $735.
A refund of $7,500.
Tax due of $8,235.
What is the standard deduction for a person filing single in 2025?
$25,900
$15,750
$14,600
$13,850
Jim forgot to file his tax return by April 15. He did not file an extension. Jim finally filed his tax return on June 30 and had a remaining tax liability of $800. What is Jim's failure to file penalty? Assume he made all his payments on time.
$40
$800
$120
$510
In terms of dollars, wage-earning taxpayers will normally pay the majority of their tax liability:
Through withholding from their wages
In the following tax year.
In advance in January.
When they file their tax return.
Employers report wage income to employees on a:
Form 1099-G.
Form W-3.
Form W-2.
Form 1099-E.
To determine dependents, the taxpayer must meet three general tests and five specific tests. What are the three general tests? Check all that apply.
Support Test
Dependent Taxpayer Test
Relationship Test
Citizen or Resident Test
Joint Return Test
The federal income tax is an example of a:
Flat tax structure.
Progressive rate structure.
Regressive rate structure.
Proportional rate structure.
Interest payers (banks, savings and loans, insurance companies, etc.) report interest earnings to taxpayers on a:
Form 1099-DIV
Form W-2 INT
Form 4070
Form 1099-INT
What was the interest charged on assessments by the IRS for the period April to June, 2025?
5%
7%
8%
6%
Employers can reimburse employees up to what amount per year of educational assistance, whether or not job-related.
$5,250
$50,000
$2,500
$5,520
