Tax Season

• Question 1 out of 10

  What is the deadline for filing individual tax returns in the U.S.?

  March 31

  May 1

  April 15

  April 22

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• Question 2 out of 10

  Which term refers to the practice of reducing taxable income through legal means?

  Tax Evasion

  Tax Avoidance

  Tax extension

  Tax delinquency

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• Question 3 out of 10

  What is the IRS?

  International Revenue Service

  International Refund Service

  Internal Refund Service

  Internal Revenue Service

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• Question 4 out of 10

  After a hard-worker is already taxed on their wages what type of tax is levied on the sale of goods and services?

  Income Tax

  Sales Tax

  Estate Tax

  Excise Tax

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• Question 5 out of 10

  What is a tax exemption?

  An amount that can be subtracted from gross income

  A tax that is exempt from federal laws

  A service that is exempt from being taxed

  A form of tax rebate

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• Question 6 out of 10

  What does “FICA” stand for?

  Financial Contributions Act

  Federal Income Contributions Association

  Federal Insurance Contributions Act

  Federal Income Calculation Allowance

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• Question 7 out of 10

  Which of the following is a type of indirect tax?

  Income tax

  Property tax

  VAT (Value-Added Tax)

  Capital gains tax

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• Question 8 out of 10

  What is capital gains tax?

  Tax on the sale of an investment or asset

  Tax on business income

  Tax on inherited property

  Tax on capital loans

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• Question 9 out of 10

  In tax terms, what is depreciation?

  Reduction in the amount of taxes you owe

  The process of dividing tax payments

  Decrease in value of an asset over time

  A decrease in sales tax over time

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• Question 10 out of 10

  Who is required to file a tax return?

  Only people over the age of 18

  Only people with an income above a certain threshold

  Only businesses and corporations

  Everyone who has earned income in the past year

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