WorksheetsTest Your Tax IQ!
Total questions: 8
Worksheet time: 4mins
What is the deadline for filing federal income taxes in the United States?
April 15th
May 15th
June 30th
July 4th
What is the penalty for failing to file your taxes on time?
5% of unpaid taxes per month
$100 flat fee
10% of unpaid taxes per month
No penalty
Which of the following is considered a tax deduction?
A) Groceries
B) Rent
C) Gifts for friends
D) Charitable donations
What is the form called that most individuals use to file their federal income taxes?
A) Form 1099
B) Form W-2
C) Form 1040
D) Form 401(k)
What does the term "tax evasion" refer to?
A) Legally reducing taxes owed
B) Making a mistake on your tax return
C) Intentionally not paying taxes owed
D) Paying taxes ahead of time
Which of the following is NOT a type of tax in the United States?
A) Sales tax
B) Income tax
C) Property tax
D) Internet tax
What does the term "W-2" refer to?
A) A tax form for reporting self-employment income
B) A tax form for reporting investment income
C) A tax form for reporting wage and salary income
D) A tax form for reporting business expenses
What is the purpose of tax withholding from paychecks?
A) To provide extra income to employees
B) To pay for employee benefits
C) To cover the cost of government programs
D) To pre-pay taxes owed to the government
