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WorksheetsTax Filing Requirements and Deductions Quiz 2023
Total questions: 23
Worksheet time: 12mins
If you are a dependent under the age of 65, when must you file a tax return based on earned income?
If your earned income was more than $10,000
If your earned income was more than $13,850
If your earned income was more than $15,000
If your earned income was more than $12,500
If you are not a dependent and under 65, when must you file a tax return based on earned income?
If your earned income was more than $10,000
If your earned income was more than $13,850
If your earned income was more than $15,000
If your earned income was more than $12,500
What is the maximum contribution to traditional and Roth IRAs for tax year 2023?
$5,500
$6,000
$6,500
$7,000
By what date must U.S. individual income tax returns be filed?
April 15th
March 15th
May 15th
June 15th
Who is required to file a federal income tax return in the U.S.?
Every citizen and resident with income above a certain amount
Only citizens with dependents
Only residents with no income
Only married couples
What is the taxable income threshold for married individuals filing jointly?
$24,800
$12,400
$18,650
$5
Which form is completed by the employee for tax purposes?
W-4
1040
W-2
1099
What is the filing status for someone whose spouse died within the past two years and has a dependent?
Qualifying widow(er)
Single
Head of household
Married, filing separately
What factor affects the filing status for tax returns?
Marital status and dependents
Age only
Employment status
Education level
What is the purpose of the 1040 form?
To file U.S. individual income tax returns
To report employment income
To apply for a tax refund
To declare bankruptcy
Which filing status is for a surviving spouse maintaining a household for a dependent?
Head of household
Single
Married, filing jointly
Qualifying widow(er)
What is the main factor that determines whether a person must file a federal income tax return?
Income level
Number of children
Employment type
Education level
What is the deadline for your employer to send you a W-2 or 1099 form?
January 1
January 15
January 31
February 15
Which form is associated with being eligible for unemployment benefits?
1099 form
W-2 form
W-4 form
1040 form
What must you do with a blank W-4 form?
File it with your taxes
Complete it yourself
Send it to the IRS
Ignore it
What should you ensure before beginning to file your taxes after receiving your W-2?
That you have a 1099 form
That you have all of your paperwork together
That you have completed a W-4 form
That you have paid all estimated taxes
What is the purpose of Form 4868?
To file a tax return
To request an extension to file
To report freelance income
To report investment income
What type of income is reported on Form 1040?
Only salary income
Salary, freelancing, and investment income
Only investment income
Only freelancing income
What is the purpose of tax deductions?
To increase your taxable income
To reduce your taxable income
To increase your tax bill
To eliminate your tax bill
What is the standard deduction for someone married, filing separately in 2023?
$13,850
$20,800
$27,700
$24,400
Jessie did not meet the minimum income requirement to file a tax return. What is one reason for why she should file a tax return anyway?
She could potentially get a refund for the taxes that were withheld from her paycheck.
She still needs to report her income to the Federal government.
She can qualify for a higher tax refund next year.
She is still legally required to file a tax return even if she does not meet the minimum income requirement to owe taxes.
According to the IRS, Social Media Influencers are considered _____
Part-time Employees
Independent Contractors
Freelance Employees
Side Hustlers
A tax is a ____
is a form or forms filed with a tax authority that reports income, expenses, and other pertinent tax information. Tax returns allow taxpayers to calculate their tax liability, schedule tax payments, or request refunds for the overpayment of taxes.
Calculates the total amount of income per pay period following deductions (taxes, social security, retirement, and insurance)
A charge usually of money imposed by authority on persons or property for public purposes
manages federal finances by collecting taxes and paying bills and by managing currency, government accounts and public debt. The Department of the Treasury also enforces finance and tax laws.
