Quarterly Exam (Ch. 1-3)

What is the due date for filing federal income taxes in the U.S.?

• March 15

• April 15

• May 15

• August 15

What type of tax is taken out of your paycheck to fund Social Security and Medicare?

• Sales Tax

• Payroll Tax

• Property Tax

• Capital Gains Tax

Which form is issued by employers to show how much an employee earned and how much tax was withheld?

• 1040

• W2

• W4

• W3

What is a tax refund?

• A bill for extra taxes

• Money returned to you when your've overpaid taxes

• Penalty for not filing on time

• None of the above

Which of the following reduces your taxable income?

• Tax credits

• Audits

• Deductions

• Penalties

Which of the following is a federal tax form used for income tax returns?

• 1040

• 1099

• 1098

• 4868

Which type of tax is applied when you buy goods or services?

• Sales Tax

• Income Tax

• Payroll Tax

• Capital Gains Tax

Which of the following is a standard tax credit that families with dependent children may qualify for?

• Earned Income Tax Credit

• Child Tax Credit

• Retirement Credit

• Business Expense Credit

Which type of tax applies to the profit made from selling investments or assets?

• Payroll Tax

• Property Tax

• Capital Gains Tax

• Sales Tax

What is the filing deadline if you request a six-month extension on your taxes?

• April 15

• August 15

• October 15

• December 31