How Much Do You Know About Taxes?

Filing taxes can be intimidating! Whether you file your own taxes or go to a professional, there are some basics you should know about to make good tax-filing decisions. This quiz will see if you’re there yet (and hopefully teach you along the way!).

Which form do you use to withhold the correct amount of taxes?
W-2
Schedule C
W-4
Form 1040

Correct!

Wrong!

What should you do if you earn less than the filing threshold and aren't required to file a tax return?
Nothing
File your taxes anyway because you could get a refund
Assume there’s no point in filing since you don’t owe any taxes

Correct!

Wrong!

Which of the following is NOT a rule for claiming someone as a dependent?
They must be related to you
They must not file a joint tax return
If the person is not your child, you must provide at least half of the person’s total support (food, shelter, clothing, etc.)
They must live with you for at least half a year if they are your child, and the whole year if they are not related to you

Correct!

Wrong!

Which of the following is NOT a requirement to file as Head of Household?
Pay for more than half of the household expenses
Have earnings within an income limit
Not be considered married for the tax year
Have a qualifying child or dependent

Correct!

Wrong!

What is NOT the reason you got a refund this year?
You withheld extra taxes throughout the tax year
You claimed tax credits
You had a high number of deductions (like mortgage or student loan interest)
Your tax preparer is a math wizard

Correct!

Wrong!

Which of the following is NOT an existing tax credit?
Child Tax Credit
American Opportunity Tax Credit
Charitable Contribution Tax Credit
Child and Dependent Care Credit

Correct!

Wrong!

Which filing status can you NOT have if you claim the Earned Income Tax Credit?
Single
Married Filing Separately
Head of Household
Married Filing Jointly

Correct!

Wrong!

What should you do if you can’t afford to pay for the taxes you owe?
Wait to file a tax return when you have the money
Ignore your tax bill when it comes
File your taxes on time

Correct!

Wrong!

Which of the following is NOT an eligibility rule for the Earned Income Tax Credit?
You must have a child
You must have a Social Security Number that permits work
You cannot be married filing separately
You must have earned income

Correct!

Wrong!

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