Tax Filing and Financial Literacy Flashcards

1

Where to report tax fraud?

Local cafe
IRS
Social media
Television station

2

What triggers an IRS audit?

High deductions
Filing on time
Using Form 1040
Paying taxes

3

Which is deductible: Mortgage or Movies?

Neither
Mortgage
Both
Movies

4

Why might you get a tax extension?

To avoid penalty or fine from IRS
Just for fun
Need more time
Don't feel like it

5

Why keep tax records?

No reason
Just for fun
To recycle paper
Future reference

6

True or false: Everyone must file taxes.

True
False

7

Which form for individual tax returns?

Form 1040
Form W-2
Form 1099
Schedule C

8

True or false: Tax returns are public records.

False
True

9

What lowers total income?

Deductions
Bonuses
Sales
Gifts

10

When is the U.S. tax deadline?

July 4
May 1
December 31
April 15

11

Who can help you file taxes?

Fitness coach
Tax attorney
Your neighbor
A novelist

12

Which is not a tax form?

Schedule A
Form Netflix
Form 1040
Form W-2

13

How often to keep tax records?

Several years
Forever
One month
A few days

14

Which form do you use for allowances/dependents as a new or current employee?

W-2
W-4
Form 1040
Form 1099

15

What might increase your tax refund?

Fewer credits
More deductions
Higher income
Skipping receipts

16

When should you update W-4 form?

On leap years
After life changes
Every week
Never

17

Where do you file federal taxes?

IRS
Grocery store
Post office
Library

18

True or false: Filing taxes is yearly.

False
True

19

Who must file a tax return?

High earners
Tourists
Children
Pets

Tax Filing and Financial Literacy

Questions 19

Tax Filing and Financial Literacy

Questions 19