#1
Which of the following is a direct tax?
Sales tax
Property tax
Value-added tax
Income tax
#2
What is the deadline for filing individual income tax returns in the United States?
March 15th
April 15th
May 15th
June 15th
#3
What is the purpose of Form W-9?
To request taxpayer identification number and certification
To report income earned from self-employment
To report investment income
To claim tax credits
#4
What is the purpose of Form 941?
To report quarterly payroll taxes
To report annual income from rental properties
To report income earned from investments
To report income earned from self-employment
#5
Which of the following taxes is typically not imposed at the federal level in the United States?
Income tax
Sales tax
Property tax
Capital gains tax
#6
Which of the following is considered a tax deduction in the United States?
Rental income
Interest on student loans
Dividend income
Gifts from family members
#7
What is the purpose of Form W-2?
To report wages and salaries earned by an employee
To report interest and dividend income
To report capital gains and losses
To report business income and expenses
#8
Which of the following is NOT a type of tax evasion?
Underreporting income
Filing taxes early
Overstating deductions
Hiding assets offshore
#9
What is the purpose of Form 1099?
To report self-employment income
To report interest and dividend income
To report rental income
To report capital gains and losses
#10
Which of the following is NOT a characteristic of a regressive tax system?
Higher-income individuals pay a lower percentage of their income in taxes
Lower-income individuals pay a higher percentage of their income in taxes
Tax burden decreases as income increases
Tax burden increases as income decreases
#11
What is the Alternative Minimum Tax (AMT) designed to prevent?
Tax evasion
Tax fraud
Excessive use of tax credits and deductions
Underreporting of income
#12
What is the tax rate for long-term capital gains in the United States for most taxpayers?
#13
Which of the following is NOT a tax-deferred retirement account in the United States?
Traditional IRA
Roth IRA
401(k)
529 plan
#14
What is the purpose of the Foreign Account Tax Compliance Act (FATCA)?
To regulate foreign investments
To prevent tax evasion through offshore accounts
To encourage foreign investment in the U.S.
To simplify tax reporting for expatriates
#15
Which of the following is NOT an allowable tax deduction for individuals in the United States?
Medical expenses
Charitable contributions
Mortgage interest
Credit card interest