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I Hate Tax Season! (USA) Trivia Quiz

Yeesh! The year is over and I've gotten a few boring envelopes with "Important Tax Information" stamped on them! Everyone hates taxes, eurgh, why are they so difficult? This quiz is exclusively over filing an income tax return in the United States.

A multiple-choice quiz by aerialasteroid. Estimated time: 3 mins.

Author
aerialasteroid

Time
3 mins

Type
Multiple Choice

Quiz #
315,077

Updated
Apr 23 23

# Qns
10

Difficulty
Easy

Avg Score
9 / 10

Plays
1114

One at a Time - Single Page - Timed Game

Question 1 of 10

1. Another envelope came in the mail today. I should get my taxes done soon, but they are so boring... well, it's only January. In the USA, according to regulations implemented in 1954, by what day should I have my taxes in? Hint

May 15

February 15

March 15

April 15

NEXT>

Question 2 of 10

2. Oh no! It's February 7th already?!? I really should stop putting off doing my tax return. The IRS will be wanting it soon, but I still have time. What does the IRS stand for anyway? Hint

Important Records System

Impossible Returns Sector

Ipnotic Retention Section

Internal Revenue Service

NEXT>

Question 3 of 10

3. Whoa! We're now in March, I really ought to get down to business and do this tax return. Let's get started, I'll go to www.irs.gov to print off the forms I need. Wow, there are so many different options! What form do I need to start with? Hint

860

1240

425

1040

NEXT>

Question 4 of 10

4. I'm not married. I don't have any children. I guess that makes my filing status, Single. If that's the case, then how many exemptions do I get? Hint

1.5

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Question 5 of 10

5. Yes! Now to the good part, Income. Hmm let's see Line 7, "Wages, salaries, tips, etc. Attach form(s) W-2." Assuming I am not self-employed, where do I get my W-2 from? Hint

Your accountant

Your employer

The IRS

Your bank

NEXT>

Question 6 of 10

6. Hmmmm....I've gotten all of my wages in for the year, what other types of income must be reported on a tax return? Hint

IRA distributions

Income from online videos

Unemployment compensation

All of these

NEXT>

Question 7 of 10

7. All right, I've totaled all my income, and taken a few deductions, and I've come to the bottom of the first page of my form. Woohoo! Half way done, I've finally calculated my AGI, but what does that stand for? Hint

Advanced Gross Income

American Gross Income

Adjusted Gross Income

Altered Gross Income

NEXT>

Question 8 of 10

8. Home stretch! Now for my regular deductions. There are two different options, itemized or standard. If I own my own house, have made some charitable contributions, and had some medical bills, which deduction is probably the better option? Hint

You can't take either because you already took deductions on the other page

Standard deduction

Itemized deduction

You can take both deductions

NEXT>

Question 9 of 10

9. Okay, I've calculated my deductions, came up with my taxable income, and used an IRS-provided chart to calculate my tax. Now going back to my W-2, I see how much has been withheld from my paycheck. Hmm, my employer withheld more than I owe. Yes! Now the IRS owes me money, I'm finally done with my return! Now just to sign it, put it in an envelope, and send it away! What is it called when the IRS owes me money? Hint

Release

Return

Refund

Reserve

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Question 10 of 10

10. I guess taxes aren't as bad as I thought they were, just a necessary part of life, I wish I had done this sooner! I have two options for how to get my money, which is the faster option? Hint

Check through USPS

They all take roughly the same amount of time.

Check through FedEX

Direct Deposit

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Quiz Answer Key and Fun Facts

Answer: April 15

Originally taxes were due March 1st, it wasn't until 1954 that April 15 became the due date. And if April 15 falls on a Saturday or Sunday, then your return isn't due until the following Monday.

2. Oh no! It's February 7th already?!? I really should stop putting off doing my tax return. The IRS will be wanting it soon, but I still have time. What does the IRS stand for anyway?

Answer: Internal Revenue Service

In 1862, President Lincoln imposed an income tax for war expenses, and created the Internal Revenue commissioner to collect the taxes from the citizens. Later, the income taxes were repealed as the Civil War was over.

Answer: 1040

Over 480 different types of IRS forms exist, and the number increases every year. Luckily for the average citizen, most people won't ever see even close to that many.

4. I'm not married. I don't have any children. I guess that makes my filing status, Single. If that's the case, then how many exemptions do I get?

Answer: 1

Everyone gets one exemption for themselves, one for their spouse, and one for each child that is a dependent.

5. Yes! Now to the good part, Income. Hmm let's see Line 7, "Wages, salaries, tips, etc. Attach form(s) W-2." Assuming I am not self-employed, where do I get my W-2 from?

Answer: Your employer

Your employer is responsible for keeping track of all the money they paid you and how much they have deducted from your paycheck for income taxes and social security. They report this in Form W-2 and send a copy to you and the IRS for reporting on your income tax return. If you are self-employed, you would get it from the IRS yourself.

6. Hmmmm....I've gotten all of my wages in for the year, what other types of income must be reported on a tax return?

Answer: All of these

There are actually 14 different lines for specific types of income, and one line that encompasses "Other income." Actually, any money made during the year should be reported on your 1040. Even income earned from illegal activities must be reported. Al Capone went to prison for tax evasion not for the illegal activities he was involved in.

Answer: Adjusted Gross Income

After calculating your total income, you can actually take selected deductions before removing your regular deductions and exemptions. You total income minus these selected deductions equals your adjusted gross income. Here you can deduct IRA contributions, alimony paid, and student loan interest paid, among other things.

Answer: Itemized deduction

The itemized deduction allows you to fill out the 1040 Schedule A form, to deduct the interest paid on mortgages, charitable contributions, parts of medical bills, among other things. The standard deduction is a set amount every year. If the itemized deduction exceeds the standard deduction, then it is the best option, but usually if the taxpayer does not own a house, then there the itemized deduction is smaller, and the standard deduction should be taken.

Answer: Refund

A refund is actually really just the money that you overpaid to the IRS in the first place. If you are getting too big of a refund, look at your withholdings and adjust them so that you get more money in your paycheck rather than giving it over to the IRS as an interest free loan.

10. I guess taxes aren't as bad as I thought they were, just a necessary part of life, I wish I had done this sooner! I have two options for how to get my money, which is the faster option?

Answer: Direct Deposit

The IRS first started direct deposit in 1995, as a way to save money. Every check issued by the IRS costs $.43, and over 125,000,000 returns are filed every year. And that number keeps growing. So not only is direct deposit faster and more efficient for the taxpayer, it saves the government money, that otherwise we would have to pay in taxes.

Source: Author aerialasteroid

This quiz was reviewed by FunTrivia editor trident before going online.
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