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The Ultimate Federal Taxes Quiz
by Staff
We all shudder when someone mentions the April 15th deadline for filing our federal income tax forms. The many rules and regulations of the Internal Revenue Service can be daunting. Take our quiz and find out how much you really know about federal taxes.

How much did the United States federal government spend in the fiscal year 2009?

  • $1.5 billion
  • $3.5 trillion
  • $5.5 trillion

United States federal taxes are use to fund:

  • national defense
  • infrastructure
  • both of the above

Federal taxes are actually paid:

  • once a year
  • once a month
  • whenever you collect your salary

Progressive tax rates_____with the amount of money you earn.

  • increase
  • decrease
  • change

Tariffs are taxes that are collected on:

  • tea
  • imported goods
  • stamps

The first federal income tax was created to fund which mid-19th century war?

  • the Spanish American War
  • the French and Indian War
  • the Civil War

Which constitutional amendment established the federal income tax?

  • the 1st Amendment
  • the 3rd Amendment
  • the 16th Amendment

In 1935, President Franklin Delano Roosevelt established an "old-age" insurance program called:

  • Social Security
  • Social Insurance
  • Social Response

Automatic withholding of income from worker's paychecks began in:

  • 1902
  • 1942
  • 1982

The Internal Revenue Service (IRS) divides income levels into:

  • tax levels
  • tax brackets
  • tax groups

How many types of filers are there for purposes of federal income tax filing?

  • four
  • 10
  • 14

Head of household filing status may apply to you if you are:

  • unmarried
  • considered unmarried
  • both of the above

Does every American adult have to file a federal income tax return?

  • yes
  • no
  • sometimes

What is the purpose of the 1040 federal income tax form?

  • to help you calculate how much money you earned
  • to help you calculate how much tax you owe
  • both of the above

The major income category for the purposes of paying federal income tax is usually:

  • rental income
  • wages
  • investment income

The only tax-exempt income is:

  • unemployment compensation
  • rental income
  • investment income

Which deductions can you take from your gross income when calculating your adjusted gross income (AGI)?

  • alimony payments
  • interest income
  • real estate profits

Which deductions might you take from your adjusted gross income to get your final taxable income?

  • standard deduction
  • itemized deductions
  • both of the above

The amount of income tax a business pays depends on:

  • how much it earns
  • how it's structured
  • both of the above

Self-employed individuals pay_____ in addition to income tax on personal income.

  • personal employment tax
  • self-employment tax
  • payroll tax