What to create	Quiz
Which subject	No subject
What age group	College
What topic	Taxes
Question types	Mixed
Number of questions	10
Number of answers	10
Correct answers	Exactly 1
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College Tax Quiz

Instructions

Please answer the following questions related to taxes. For questions that include multiple-choice answers, select the correct option from the list provided. Good luck!

1. What is the primary purpose of income tax?

   (No answer options needed)

2. Which of the following is considered taxable income under U.S. tax law? A. Child support payments
   B. Alimony received
   C. Gifts from friends
   D. Inheritances
   E. Social Security benefits (not taxable)
   F. Scholarships for qualified education expenses
   G. Rental income
   H. Workers' Compensation benefits
   I. Dividends from tax-exempt bonds
   J. Life insurance payouts

3. What is the standard deduction for a single filer for the tax year 2023?

   (No answer options needed)

4. Which form do most individual taxpayers file to report their annual income to the IRS? A. Form 1040
   B. Form 1099
   C. Form W-2
   D. Form 1040-SR
   E. Form 4868
   F. Form 1040X
   G. Form Schedule C
   H. Form 941
   I. Form 990
   J. Form 1065

5. When are federal income tax returns generally due?

   (No answer options needed)

6. What tax credit reduces the amount of tax owed on a dollar-for-dollar basis? A. Tax deduction
   B. Earned Income Tax Credit (EITC)
   C. Standard Deduction
   D. Health Coverage Tax Credit
   E. Child Tax Credit
   F. Education Tax Credit
   G. Alternative Minimum Tax Credit
   H. Saver's Credit
   I. Premium Tax Credit
   J. Social Security Tax Credit

7. What type of tax is levied on purchases of goods and services?

   (No answer options needed)

8. Which of the following items is tax-deductible? A. Personal living expenses
   B. Business expenses
   C. Luxury goods
   D. Childcare costs (non-work-related)
   E. Contributions to a Roth IRA
   F. Vacation expenses
   G. Fines and penalties
   H. Donations to political parties
   I. Commuting costs
   J. Medical expenses not exceeding 10% of AGI

9. What is the purpose of the IRS?

   (No answer options needed)

10. Which of the following refers to the illegal practice of not reporting all income or underreporting income? A. Tax evasion
    B. Tax avoidance
    C. Tax fraud
    D. Tax sheltering
    E. Tax forgiveness
    F. Tax loophole
    G. Tax amnesty
    H. Tax planning
    I. Tax credit
    J. Tax incentive

Closing

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