Learning About Taxes

A detailed illustration showing various tax forms such as 1040, 1120, and Schedule C, with a calculator and financial documents in the background, conveying a sense of tax preparation and financial literacy.

Master Your Tax Knowledge

Are you ready to enhance your understanding of taxes? This engaging quiz is designed to test your knowledge on various tax types and business tax regulations.

Explore different tax forms such as 1040, 1120, and more!
Learn about Individual and Business taxes for various entities.
Find out if you’re self-employed based on your ownership percentage.

13 Questions3 MinutesCreated by CountingCoins100

Where do Sole Proprietorships report their taxes?

1065

1120S

Schedule C

1120

Can Sole Proprietorship owners receive W-2 Income from their own company?

Yes

On Business Taxes (1065 and 1120), where should you look to see qualified income?

First Section of tax return after expenses

Schedule K-1

Schedule C

W-2 Form

Above what percentage of company ownership do you have to have to be considered self-employed?

25%

50%

75%

100%

Is there any circumstance under which W-2 income can be used for self-employed individuals?

Yes

On a 1040, where are the two places you should look to get the best idea of qualified income amount?

Schedule 1, Line 9 & Schedule E

First and second page of tax return

Schedule C & Schedule A

You'll never get a good idea of qualified income no matter where you look

Do pass-through businesses (shell entities housing other businesses) require a P&L and Bank Statements

Almost always Yes

Almost always No

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