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Writing it Off: Test Your Income Tax Knowledge
by Staff
Whether you're a tax whiz or you farm your return out to the professionals, it's good to know a bit about how to file your taxes. Test your income tax know-how in this quiz.

What is Adjusted Gross Income?

  • your after-tax income
  • your taxable income after deductions
  • your taxable income before deductions

What is a progressive income tax system?

  • a tax system that allows deductions on investments
  • a tax system that taxes higher income at higher rates and lower income at lower rates
  • a tax system that gets better as time goes on

Which of the following doesn't count as an itemized deduction on your income tax?

  • the cost of utilities like water and gas
  • theft losses
  • gambling losses

Which of the following isn't a good reason to file a tax amendment?

  • You made a mathematical error.
  • You put down the wrong filing status.
  • You forgot to count someone as a dependent.

Which form tells your employer all they need to know about your tax-related allowance information?

  • W-2
  • W-4
  • W-10

It was unconstitutional for the U.S. government to levy an income tax before the passage of which amendment?

  • 14th Amendment
  • 16th Amendment
  • 18th Amendment

The proposed Fair Tax would change the U.S. tax system and instead:

  • institute a national sales tax
  • institute a single income tax rate for all taxpayers
  • would only tax the rich

Which of the following may increase your chances of getting audited?

  • a clean and clearly filled out tax return
  • a mathematical mistake on your tax return
  • sending explanatory notes and receipts before the IRS asks for them

If you sell your old Chevrolet for more than you paid, the profit is subject to:

  • no taxation
  • capital gains tax
  • seller's tax

Which of the following is not a way to lower the amount you pay in capital gains taxes?

  • deducting capital losses from your capital gains
  • taking advantage of short-term rather than long-term investments
  • taking advantage of long-term rather than short-term investments

What is the “three of five” test?

  • a test to ensure your small business is legit
  • a test to avoid paying taxes
  • a test to find deductions

Which of the following are NOT needed at the tax preparer’s office?

  • paystub
  • medical expenses
  • rental agreement/lease

What is the deadline for filing tax forms?

  • April 1
  • April 15
  • April 30

What year was the Office of Commissioner of Internal Revenue established?

  • 1860
  • 1862
  • 1865

What does IRS stand for?

  • International Revenue Service
  • Internal Revenue Service
  • Income Revenue Service

How many tax brackets are used in the United States?

  • six
  • 10
  • 12

What form do you use to file for an extension?

  • 1040
  • W-4
  • 4868

Which of the following is NOT an itemized deduction that can be included in your taxes?

  • state and local income or sales tax paid
  • charity
  • tax penalties

What is a flat tax?

  • a tax percentage that depends on how much money you make.
  • a national sales tax
  • fixed percentage of income

How many states in the United States that do not have an individual income tax?

  • 20
  • nine
  • seven