Taxation Quizzes, Questions & Answers

Recent Quizzes

COMPREHENSIVE TEST NO. 9 assesses understanding of standard deductions, eligibility criteria, and itemization in tax filing. It covers scenarios affecting deductions, decision-making for itemizing, and rules for specific tax...

Questions: 20 | Attempts: 25 | Last updated: Apr 14, 2023

Sample Question
CHECK ALL THAT APPLY: What is a "standard deduction"?

The standard deduction is an amount by which certain taxpayers are able to reduce their adjusted gross income if they do not itemize their deductions.

The standard deduction is a benefit that eliminates the need for many taxpayers to itemize actual deductions on Schedule A.

The standard deduction is a dollar amount that reduces your taxable income.

ALL OF THE ABOVE.

Comprehensive Test No. 8

COMPREHENSIVE TEST NO. 8

Adjustments to Income: Publication 17; Chapters 17, 18 & 19; Supplement IV: Publication 969: Health Savings Accounts and Other Tax-Favored Health Plans Publication 521: Moving Expenses

Questions: 27 | Attempts: 19 | Last updated: Apr 14, 2023

Sample Question
CHECK ALL THAT APPLY: Check the statement(s) below that correctly describe a "TRADITIONAL IRA".

A Traditional IRA may be opened with a mutual fund, insurance company or through your stockbroker.

Any taxpayer receiving taxable compensation during the year and is age 70 1/2 or younger may open and make contributions to a Traditional IRA.

A Traditional IRA can be opened at a bank or other financial institution.

Some or all of your contributions to a Traditional IRA may be deductible, depending on your circumstances.

Earnings and gains on a Traditional IRA are generally not taxed until they are distributed.

ALL OF THE ABOVE

Comprehensive Test No. 5

COMPREHENSIVE TEST NO. 5

Publication 17 - Chapter 9 Supplement III - Instructions for Form 4562 Publication 527

Questions: 16 | Attempts: 11 | Last updated: Apr 14, 2023

Sample Question
Rental income is any payment you receive for the use or occupation of property. Generally, you must include in your gross income all amounts you receive as rent. Which item(s) below, if received in connection with rental property, would be considered rental income?

Fee for canceling a lease

Security deposit to be returned at the end of the lease

Advance rent

Expenses paid by tenant

All of the above

Comprehensive Test No. 3

COMPREHENSIVE TEST NO. 3

COMPREHENSIVE TEST NO. 3 assesses knowledge on employee compensation and tax reporting, focusing on Form W-2, taxable benefits, and disability payments. It is crucial for understanding employer-employee tax responsibilities.

Questions: 14 | Attempts: 7 | Last updated: Apr 14, 2023

Sample Question
True or False: If you perform services other than as an independent contractor, your employer should send you Form W-2 showing the pay you received for your services. Report your pay on line 2 of Form 1040 or 1040A, or line 1 of Form 1040EZ, even if you did not receive a Form W-2.

True

False

No Taxation Without Representation

Explore key moments in early American history with the 'No Taxation Without Representation' quiz. Assess your knowledge on colonial resistance to British taxes, the Stamp Act, and the united actions of colonial leaders....

Questions: 10 | Attempts: 283 | Last updated: Mar 22, 2023

Sample Question
What was the British taught?

Woman protested by supporting a different boycott of British goods

How to be brutal

That the colonist would resist internal taxes

To dress Mr. Youngel

1040x/Soi Refresher(Tax Payers) Quiz

1040X/SOI Refresher(Tax payers) Quiz

This quiz, titled '1040X\/SOI Refresher (Tax payers)', assesses knowledge on various tax filing statuses and deductions. It covers topics such as Married Filing Separately (MFS) provisions, standard deductions, and dependent...

Questions: 10 | Attempts: 222 | Last updated: Mar 20, 2023

Sample Question
Which is true about taxpayers that file MFS?

MFS tax filers can claim education credits.

MFS tax filers can claim EIC (Earned Income Credit).

MFS tax filers can claim exemptions, if they have them.

Taxpro Basic Income Tax Quiz! Trivia

TaxPro Basic Income Tax Quiz! Trivia

The 'TaxPro Basic Income Tax Quiz! Trivia' tests your understanding of key tax concepts, including Adjusted Gross Income, itemized deductions, and taxpayer status. It's designed to enhance knowledge relevant for personal finance...

Questions: 24 | Attempts: 1748 | Last updated: Mar 22, 2023

Sample Question
What is Adjusted Gross Income?

Your after-tax income

Your taxable income after deductions

Your taxable income before deductions

None of the above

Chapter 12 Mathematics Quiz

Chapter 12 mathematics quiz

This Chapter 12 quiz assesses knowledge on various tax-related forms and statements like W-4 and W-2, focusing on employee compensation, withholding requirements, and tax implications. It's crucial for understanding payroll and...

Questions: 41 | Attempts: 258 | Last updated: Mar 22, 2023

Sample Question
Which of the following forms is filled out by an employee, who is a citizen, at the beginning of an employment relationship?

W-9

W-2

W-4

FORM 1099

The Modified Accelerated Cost Recovery System (Macrs)

The Modified Accelerated Cost Recovery System (MACRS)

Explore the intricacies of the Modified Accelerated Cost Recovery System (MACRS) through this focused quiz. Assess your understanding of tax depreciation, cost recovery methods, and asset basis. Ideal for learners in finance and...

Questions: 39 | Attempts: 228 | Last updated: Mar 22, 2023

Sample Question
Tax cost recovery methods do not include:

Amortization

Depletion

Caplitalization

Depreciation

All

Test Your Tax Trivia

Test your tax trivia

As the new tax year begins, have you brushed up on the new rates and thresholds introduced this financial year? Put your knowledge – and memory – to the test.

Questions: 10 | Attempts: 330 | Last updated: Mar 21, 2023

Sample Question
How much has the tax-free allowance increased by for the next year (2014-15) for people born after 5 April 1948?

£590

£560

£520

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