Weekly Tax Smarter Quiz
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
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.
True or False: You and your parents can fill out the FAFSA form before you file your taxes.
True
False
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
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