
1 - 1040
Authored by Rose-Marie Brophy
Business
12th Grade
Used 2+ times

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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary purpose of IRS Form 1040?
To claim state tax refunds
To file your US individual income tax return
To apply for federal employment
To register a new business
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What can significantly influence your taxable income?
Dependents and deductions
Your favorite color
Your shoe size
The type of car you drive
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who qualifies as a dependent on your tax return?
Any friend living with you
Only children under 18
Pets
A qualifying child or relative meeting IRS criteria
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the difference between tax-exempt and taxable interest?
There is no difference
Tax-exempt interest is taxed at a higher rate
Taxable interest is not reported on Form 1040
Tax-exempt interest is not subject to federal income tax
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the key difference between standard and itemized deductions?
Standard deductions are for businesses only
Itemized deductions are a fixed dollar amount
There is no difference
Standard deductions are a fixed dollar amount
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How do you determine your tax amount using Form 1040?
Use the tax table and your taxable income
Choose an amount you feel is fair
Guess based on last year's amount
Ask a friend what they paid
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of the tax table in the 1040 instructions?
To help you calculate your tax based on taxable income
To confuse taxpayers
To determine the tax rate for businesses
To list state tax rates
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