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Income Tax Knowledge Test
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The profit is subject to the following conditions if you sell your old Chevrolet for more than you paid:
Capital gain tax
Buyer's tax
Without taxes
Correct!
Wrong!
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Which of the following could make you more likely to be audited?
An error in mathematics on your tax return
Delivering receipts and explanations before the IRS requests them
A tax return that is neatly and properly filled out
Correct!
Wrong!
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Which of the following is not a qualifying itemized deduction for tax purposes?
Loss from theft
Losses from gambling
Utilities like gas and water are expensive.
Correct!
Wrong!
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A progressive income tax scheme is what?
A tax structure that taxes higher incomes more heavily and poorer incomes less heavily
A progressive tax scheme that improves over time
A tax structure that permits investment-related deductions
Correct!
Wrong!
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Which of the following is not an appropriate justification for filing a tax amendment?
You entered the incorrect filing status.
One of your dependents was overlooked.
You erred mathematically.
Correct!
Wrong!
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Which of the following is not a method for reducing the amount of capital gains taxes you must pay?
Using short-term investments rather than long-term ones
Using long-term investments rather than short-term ones
Subtracting investment losses from capital gains
Correct!
Wrong!
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The definition of Adjusted Gross Income
Taxable income prior to deductions
Your income after taxes
Taxable income following deductions
Correct!
Wrong!
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