Weekly Tax Smarter Quiz

A visually engaging image depicting a diverse group of young adults discussing tax forms and finances, with colorful graphics of tax documents like W-2 and 1099, symbolizing financial literacy.

Weekly Tax Smarter Quiz

Test your knowledge about tax regulations and financial literacy with our Weekly Tax Smarter Quiz! This quiz will help you understand essential tax concepts, from W-2 forms to state tax filing requirements, so you can make informed decisions about your finances.

By participating, you will:

Learn important tax rules
Enhance your financial literacy
Prepare yourself for future tax seasons

11 Questions3 MinutesCreated by LearningTree42

I worked over the summer, but didn’t get a W-2 yet from my employer. What should I do?

Call the employer and ask for your W-2

Call the IRS and tell them that you didn’t get the form

Use your paycheck stubs to figure out what would have been on the W-2 and file your return without the W-2.

Wait until you do get the W-2 and then file your tax return.

I received a 1099-DIV form in the mail. What should I do about it?

Fill the amount in on IRS Schedule B.

Include the amount in on IRS Form 1040EZ.

Fill in a new 1099-DIV with your parents’ names and send it to the IRS and your parents.

Ignore it as you are not subject to the Alternative Minimum Tax (AMT).

I received US EE Savings Bonds over the years from relatives for my birthday. Is there any tax liability to cashing them in now?

Not at all. The bonds were a tax-free gift.

Yes, but since you made so little money last year, the tax you’ll pay will be very small.

Yes, but you’ll be better off waiting until the year you turn 19

Yes, but you’ll be better off waiting until the year you turn 24.

My parents are divorced or were never married. How does that affect my taxes?

It doesn’t as you're on your own.

You need his/her or their tax return in order to complete your own.

It depends on the precise circumstances.

I worked this summer in New York City and my home is in Texas. With which states and municipalities will I need to file my taxes?

California

New York

Texas

Both NY and TX

What is a marginal tax bracket?

The percentage of your income that you pay in taxes

The lowest income tax bracket

The percentage of the last dollar you earn that taken in taxes

The tax rate of a state bordering Canada or Mexico

What is unitary taxation?

A tax on the production of manufactured goods

A one-stop website for filing all federal, state, regional, etc. taxes

The way states tax income is earned in multiple states

An extra tax imposed on millionaires

I received an IRS Form 1099-Q. What do I do with it?

Forward it on to your parents so they can reduce their taxes.

Fill in IRS Form 8863 to reduce your own taxes.

Put it aside as it is not a legal tax document.

Call the University and ask them what it is all about.

True/False: Can a parent not claim an exemption for their dependent student and thereby allow the student to take the exemption deduction instead?

True

False

Weekly Tax Smarter Quiz

Weekly Tax Smarter Quiz

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