WorksheetsU.S. Tax System Quiz
Total questions: 15
Worksheet time: 8mins
What does IRS stand for?
Internal Revenue Service
International Revenue Service
Internal Revenue System
International Revenue System
What is the main U.S. individual tax return form?
1040
1040 x
W-2
1099
Which form is used for an amended U.S. individual income tax return?
1040 x
Schedule C
1040
W-2
What is a W-2 form?
Income form for independent contractors
Profit or Loss From Self-Employment
Credit for Qualifying Dependents
Wage Statement from Employers
Which form is used to report income for independent contractors?
1040
1099
Schedule C
W-2
What is Schedule C used for?
Wage Statement from Employers
Income form for independent contractors
Amended U.S. Individual Income Tax Return
Profit or Loss From Self-Employment
What does EITC stand for?
Employment Income Credit
Earned Income Credit
Earned Income Tax Credit
Employment Income Tax Credit
What is the Child Tax Credit (CTC)?
Wage Statement from Employers
Refundable tax credit
Income form for independent contractors
Credit for Qualifying Dependents
What is the purpose of a Client Intake Form?
To report income for independent contractors
To collect personal and income information
To verify client information
To keep copies of returns and documents
What does Due Diligence refer to?
Requirement to keep copies of returns and documents
Written explanation of the charges for preparation services
Collecting personal and income information
Your legal responsibility to verify client information
What is Record Retention?
Requirement to keep copies of returns and documents for a set time period
Written explanation of the charges for preparation services
Your legal responsibility to verify client information
Collecting personal and income information
What is Fee Disclosure?
Written explanation of the charges for preparation services
Collecting personal and income information
Requirement to keep copies of returns and documents
Your legal responsibility to verify client information
Which form is used to report profit or loss from self-employment?
1099
Schedule C
1040 x
1040
Which form is used to collect personal and income information?
1099
Schedule C
W-2
Client Intake Form
What is the purpose of the 1099 form?
To report income for independent contractors
To report profit or loss from self-employment
To collect personal and income information
To provide a wage statement from employers
