Tax Quiz

What is the primary purpose of income tax?

• To fund public services and government operations

• To penalize high earners

• To encourage savings

• To control inflation

Which form is typically used by individuals in the United States to file their federal income tax returns?

• Form W-2

• Form 1040

• Form 940

• Child Tax Credit

What is the refundable portion of the child tax credit?

• 14,000

• 16,000

• 18,000

• 20,000

What is the term for the amount of income that is subject to tax?

• Gross Income

• Taxable Income

• Adjusted Gross Income

• Net Income

What is the standard deduction for a single filer in the United States for the tax year 2023?

• $13,850

• $18,650

• $25,100

• $12,950

Which of the following is considered taxable income?

• Gifts

• Inheritance

• Lottery Winnings

• Child Support Payments

What does VITA stand for?

• Volunteer Income Tax Association

• Vice Income Tax Association

• Volunteer Income Tax Assistance

• Volunteer Inclusive Tax Assistance

Which of the following is an example of a tax credit?

• Standard Deduction

• Mortgage Interest

• Earned Income Tax Credit

• Charitable Contributions

What is the tax deadline for San Diego County?

• October 25

• April 15

• June 17

• December 31

What is the standard mileage rate for self-employed and business?

• 25.5 cents/miles

• 65.5 cents/miles

• 46.5 cents/miles

• 95.5 cents/miles