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WorksheetsMM Chapter 3.2
Total questions: 12
Worksheet time: 6mins
What is a tax return?
A form used to report income and taxes to the government
A document that lists all your expenses
A receipt for a purchase
A form for applying for a loan
What is a tax credit?
An amount that reduces the tax owed
An amount added to the tax owed
A penalty for late payment
A bonus for early filing
What is the purpose of reporting deductions and credits on a tax return?
To increase taxable income
To reduce taxable income
To calculate state taxes
To determine eligibility for loans
What type of income is typically not included in a tax return?
Salary
Interest income
Dividend income
Gift income
The IRS is responsible for enforcing laws related to which type of tax?
Federal income tax
State income tax
Local sales tax
International trade tax
Which of the following can the IRS not simply take from you?
Your passport
Your bank account
Your driver's license
Your social security number
What does IRS stand for?
International Revenue Service
Internal Revenue Service
Income Revenue Service
Independent Revenue Service
What does the IRS stand for?
Internal Revenue Service
International Revenue Service
Income Revenue Service
Internal Return Service
What can the IRS do if fraud is proven?
Go back as many years as it likes to review returns
Only review the current year's return
Review returns for the past two years
Review returns for the past five years
Which of the following is a source of income that requires voluntary reporting?
Dividends
Tips
Salary
Interest
What is the deadline for filing tax returns in the United States?
April 15
March 15
May 15
June 15
Which filing status applies if you are married and both spouses have income?
Married filing jointly
Single
Head of household
Qualifying widow(er)
