Tax Filing Basics

Question 1

Employers send this form to both individuals and the IRS. It shows how much you&#x27;ve earned and paid in taxes last year.

Accepted Answer

W-2 Form

Question 2

There are several ways in which individuals can file taxes. Which is NOT one way to prepare taxes?

Accepted Answer

Having the IRS do it for you

Question 3

The amount a person earns before taxes are taken out is referred to as:

Accepted Answer

Gross Income

Question 4

When filing taxes, an individual must report all income, which includes wages and income from investments or benefits.

Accepted Answer

True

Question 5

The governing body that is responsible for collecting US federal taxes is:

Accepted Answer

Internal Revenue Service (IRS)

Question 6

Individuals report on deductions that can be claimed to get a tax break. One example is any donations to charity.

Accepted Answer

True

Question 7

A W-2 shows all EXCEPT for the following

Accepted Answer

Expected tax return amount

Question 8

According to the IRS, anyone who has had income tax withheld from their pay should file taxes.

Accepted Answer

True

Question 9

Individuals receive their W-2s by the end of January each year, and must complete filing taxes by:

Accepted Answer

April

Questions 9