Federal Taxation and Credits for Individuals Quiz

Test your knowledge on federal taxation for individuals. Questions cover filing status, deductions, credits, and more. Take the quiz now!

#1

What is the filing status for an unmarried individual with no dependents?

Single
Head of Household
Married Filing Jointly
Married Filing Separately
#2

Which form is used to report wages, salaries, tips, and other income?

Form 1040
Form 1099
Form W-2
Form 1040-ES
#3

What is the purpose of Form W-4?

To report investment income
To request a tax extension
To calculate estimated tax payments
To determine the amount of federal income tax to withhold from an employee's paycheck
#4

Which of the following is a tax credit available to help offset the cost of higher education expenses?

Saver's Credit
Lifetime Learning Credit
Foreign Tax Credit
Child Tax Credit
#5

What is the standard deduction for a single taxpayer for the tax year 2023?

$12,550
$18,800
$24,800
$6,300
#6

Which of the following is NOT a refundable tax credit?

Earned Income Tax Credit (EITC)
Child Tax Credit
Lifetime Learning Credit
American Opportunity Tax Credit
#7

Which of the following is considered a qualified medical expense for the purpose of Health Savings Accounts (HSAs)?

Gym membership fees
Over-the-counter vitamins
Cosmetic surgery
Prescription drugs
#8

What is the maximum contribution limit for a Health Savings Account (HSA) for an individual in 2023?

$2,750
$3,000
$3,600
$4,000
#9

What is the maximum contribution limit for an individual retirement account (IRA) for the tax year 2023?

$5,000
$6,000
$10,000
$15,000
#10

What is the penalty for failing to file a tax return by the due date?

10% of the unpaid tax
5% of the unpaid tax
20% of the unpaid tax
There is no penalty
#11

Which tax credit allows taxpayers to reduce their federal income tax liability for qualified expenses related to the adoption of a child?

Child Tax Credit
Earned Income Tax Credit (EITC)
Adoption Tax Credit
Child and Dependent Care Credit
#12

What is the additional tax rate applied to income above a certain threshold for high-income taxpayers?

10%
20%
25%
37%

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