Income Tax Knowledge Test - Practice Test Geeks

Loss from theft

Losses from gambling

Utilities like gas and water are expensive.

Correct! Wrong!

Capital gain tax

Buyer's tax

Without taxes

Correct! Wrong!

Taxable income prior to deductions

Your income after taxes

Taxable income following deductions

Correct! Wrong!

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!

You entered the incorrect filing status.

One of your dependents was overlooked.

You erred mathematically.

Correct! Wrong!

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!

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!