How well do you know your Taxes? 1. Can married couples file taxes separately? Yes No 2. Federal income taxes are voluntary. True False 3. The IRS will email you if they have a question. True False 4. The IRS will call you if you owe more tax. True False 5. The Federal income tax is a pay-as-you-go system. True False 6. When can you adjust your withholdings and exemptions on your W-4 with your employer? Any time of the year Any time before Jan. 1 of each year After you receive your W-2 from the previous year’s earnings By the end-of-year tax deadline 7. I’m living on campus. Can I claim the California Renter’s Credit? True False 8. If you foster a pet from a nonprofit charitable organization, can you claim a tax deduction? Yes, but you can only write off certain items like food, shelter and medical expenses Yes, you can write off all expenses No, you can’t write this off 9. If you lend money to a friend and she doesn’t pay you back, can you write it off? Yes, you can write off the entire loan Under certain circumstances, it can be deducted under capital loss rules No, you can’t write it off 10. Which of these is the worst mistake? If you owe, not filing your taxes by the deadline (April 15th this year) Filing but not paying your taxes by the deadline You are owed a refund, but you file late You are owed a refund, but you don’t file at all Time's up Share on FacebookTweet
