10.4 Quizizz Filling Your Income Taxes

What is the main purpose of filing a federal tax return?

• To enroll in a college course

• To calculate tax liability and determine taxes owed or refunded

• To register for a driver's license

• To apply for a new job

What is a Standard Deduction?

• An amount of money a taxpayer can subtract from the taxes they owe

• An official IRS inspection of a tax return

• The dollar amount people can subtract from their income before the tax is calculated

• A list of all eligible expenses that can be claimed to decrease taxable income

Which form is typically used by most people to list income and expenses?

• Schedule C

• Form 1040

• Form 1099-MISC

• Form W-2

What is the filing deadline for federal tax returns in the United States?

• July 4

• December 31

• April 15

• January 31

What is a Tax Credit?

• An amount of money a taxpayer can subtract from the taxes they owe

• A list of all eligible expenses that can be claimed to decrease taxable income

• A special tax form to report certain types of income or deductions

• The dollar amount people can subtract from their income before the tax is calculated

What should self-employed individuals set aside for taxes?

• 25-30% of their income

• 5-10% of their income

• 15-20% of their income

• 10-15% of their income

Which form do self-employed individuals use to report profits and losses?

• Form 1040

• Schedule C

• Form 1099-MISC

• Form W-2

What is the purpose of an IRS audit?

• To help taxpayers fill out their forms

• To ensure the accuracy of income and deductions reported

• To provide tax credits to taxpayers

• To offer financial advice to taxpayers

What is the benefit of e-filing your tax return?

• It is only available for state tax returns

• It is slower than mailing your tax return

• It requires more paperwork

• It is faster and simplifies the process

Why is it important to keep your filed taxes for at least three years?

• To renew your driver's license

• To apply for a new job

• In case the IRS decides to audit your figures

• To enroll in a college course