Taxes (January 2024)

The total amount of tax debt owed by an individual to a taxing authority such as the IRS is called...

• Tax brackets

• Tax liability

• Tax breaks

• Tax exemption

How many tax brackets are in our federal tax system?

• Five

• Six

• Seven

• Eight

Which of the following is considered an unearned income?

• Unemployment benefits

• Commissions

• Tips

• Interest earned from investments

When must W-2 form be sent to employees?

• On or before January 15th

• On or before January 31st

• On or before February 29th

• On or before February 15th

A form used by an individual's employer to withhold the proper amount of federal income tax from the employee's paycheck is called a....

• 1040

• W-2

• W-4

• 1099

Which of the following is considered an earned income?

• Interest

• Dividends

• Bonuses

• Rent

When is the deadline for filing your 1040 income tax form with the IRS?

• On or near April 15th of each year

• On or near April 1st of each year

• On or near March 15th of each year

• On or near March 1st of each year

Which of the following refers to a range of incomes subject to a certain income tax rate? (Examples: 10%, 12%, 22%, etc.)

• Tax breaks

• Tax exemptions

• Tax brackets

• Tax liability

Which of the following forms is the most complex of all individual tax filing documents to complete?

• 1040

• W-2

• W-4

• All the forms are simple to fill out

The form used by employers to report an employee's annual gross wages and the amount of taxes withheld from their paycheck is called a.....

• W-2

• W-4

• 1040

• 1040-SR