Taxes Napkin Quiz

You can file your federal taxes online for free with which government agency?

Internal Revenue Service (IRS)

True or false: Tax deductions reduce how much tax you owe dollar for dollar.

False

The federal government receives about $4 trillion in taxes and the majority helps fund what?

All answers are correct

What is the main choice to make when figuring out your tax deductions?

Whether to itemize or take the standard deduction of $12,550 (Single filers)

What term describes a legal way of paying less tax?

Tax deductions

Income, capital (price) gains, sales, and property are all types of what?

Tax

What do you need to file your taxes?

All answers are correct

What day is typically Tax Day?

April 15th

What term describes when you reconcile how much tax you've already paid for in a given year with what you actually owe for that year?

W-2

What is an example of a tax deduction?

All answers are correct