WorksheetsTax Quiz - Business & Ethics
Total questions: 15
Worksheet time: 8mins
What are the tax filing requirements for dependents?
All of the above
Gross income more than $1,150
Unearned income more than $1,150
Earned income more than $12,950
Can a dependent file their own income tax return?
Only if they meet the income requirements
Yes, even if their parents claim them as a dependent
Dependents are not allowed to file tax returns
No, they can only be claimed by their parents
What is the deadline to file a tax return for most taxpayers?
April 18, 2023
April 15, 2022
May 1, 2022
April 30, 2023
What is the standard deduction for dependents in 2022?
$1,150
Earned income plus $400
All of the above
Basic standard deduction for filing status
Who is considered self-employed?
All of the above
Individuals in business for themselves
Partners in a business
Sole proprietors and independent contractors
What is the minimum net earnings required for self-employed individuals to file a tax return?
$400
$1,150
There is no minimum requirement
15.3% of their earnings
What tax do self-employed individuals generally have to pay?
Self-employment tax
Income tax
Sales tax
Property tax
Who is considered a household employee?
Individuals paid to provide services within their employer's residence
Gardeners
All of the above
Babysitters and nannies
What is the tax filing requirement for household employees?
Earned income more than the standard deduction
Unearned income more than $12,950
Gross income more than $1,150
All of the above
What is the purpose of marking yourself as exempt on your W-4 form?
To claim a tax refund
To avoid paying income taxes
To exempt yourself from Social Security and Medicare payroll taxes
To ensure no income taxes are withheld from your paycheck
What happens if you don't meet the income requirements to file a tax return?
You can only file a tax return if your parents claim you as a dependent
You are not allowed to file a tax return
You will be charged a penalty by the IRS
You can still qualify for a tax refund
What is the time limit to claim a tax refund?
1 year
4 years
2 years
3 years
When are Social Security and Medicare payroll taxes withheld from an employee's paycheck?
Social Security and Medicare payroll taxes are never withheld
If the employee is under the age of 21
If the employee is under the age of 18
If the employee meets any of the criteria
What is the definition of the Nanny Tax?
Tax paid by nannies
Tax paid by self-employed workers
Tax paid by dependents
Tax paid by household employees
Does everyone need to file an income tax return?
Yes, regardless of their income
No, only if they owe income taxes
No, only if they don't qualify for a tax refund
No, only if they expect to owe income taxes
