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120 US Tax Basics - Young Adults Guide to Withholding and Deductions Practice Questions (2026)

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Full Question List

  1. Question 1

    What is tax withholding?

  2. Question 2

    What does the W-4 form determine?

  3. Question 3

    What is a tax bracket?

  4. Question 4

    What is the standard deduction?

  5. Question 5

    What is a tax deduction?

  6. Question 6

    What is a tax credit?

  7. Question 7

    What is FICA?

  8. Question 8

    What is the Social Security tax rate?

  9. Question 9

    What is the Medicare tax rate?

  10. Question 10

    What is filing status?

  11. Question 11

    What are capital gains?

  12. Question 12

    What is a 401(k)?

  13. Question 13

    What is a traditional IRA?

  14. Question 14

    What is a Roth IRA?

  15. Question 15

    What is the purpose of Form 1040?

  16. How many did you know?

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  17. Question 16

    What is a tax refund?

  18. Question 17

    What is W-2 income?

  19. Question 18

    What is the Earned Income Tax Credit (EITC)?

  20. Question 19

    What is self-employment tax?

  21. Question 20

    What are estimated quarterly taxes?

  22. Question 21

    What is itemized deductions?

  23. Question 22

    What is the Child Tax Credit?

  24. Question 23

    What is the standard deduction for 2025?

  25. Question 24

    What qualifies as a dependent?

  26. Question 25

    What is the American Opportunity Tax Credit?

  27. Question 26

    What is the Lifetime Learning Credit?

  28. Question 27

    Why should you adjust your W-4?

  29. Question 28

    What is a progressive tax system?

  30. Question 29

    What is marginal tax rate?

  31. Question 30

    What is effective tax rate?

  32. How many did you know?

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  33. Question 31

    What is a tax-advantaged account?

  34. Question 32

    What is an HSA?

  35. Question 33

    What is a 529 plan?

  36. Question 34

    What is the tax filing deadline?

  37. Question 35

    What happens if you don't file taxes?

  38. Question 36

    What is tax liability?

  39. Question 37

    What is adjusted gross income (AGI)?

  40. Question 38

    What is taxable income?

  41. Question 39

    What is a dependent exemption?

  42. Question 40

    What is Form 1099?

  43. Question 41

    What is a tax deduction for business expenses?

  44. Question 42

    What is home office deduction?

  45. Question 43

    What is depreciation?

  46. Question 44

    What is the standard mileage rate?

  47. Question 45

    What is a financial advisor?

  48. How many did you know?

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  49. Question 46

    What is tax avoidance?

  50. Question 47

    What is tax evasion?

  51. Question 48

    What is the Alternative Minimum Tax (AMT)?

  52. Question 49

    What is the difference between a refund and a credit?

  53. Question 50

    What is quarterly estimated tax?

  54. Question 51

    What is the difference between federal and state income tax?

  55. Question 52

    What is the Roth conversion?

  56. Question 53

    What is the backdoor Roth strategy?

  57. Question 54

    What is income splitting?

  58. Question 55

    What is the kiddie tax rule?

  59. Question 56

    What is the earned income requirement for filing?

  60. Question 57

    What is a Schedule C form?

  61. Question 58

    What is Schedule SE?

  62. Question 59

    What is the qualified business income deduction?

  63. Question 60

    What is the Child and Dependent Care Credit?

  64. How many did you know?

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  65. Question 61

    What is the educational expense deduction?

  66. Question 62

    What is passive income vs active income?

  67. Question 63

    What are passive activity losses?

  68. Question 64

    What is dividend income?

  69. Question 65

    What is interest income?

  70. Question 66

    What is long-term capital gains rate?

  71. Question 67

    What is short-term capital gains rate?

  72. Question 68

    What is capital loss carryover?

  73. Question 69

    What is wash sale?

  74. Question 70

    What is tax-loss harvesting?

  75. Question 71

    What is the net investment income tax?

  76. Question 72

    What is tax deferral?

  77. Question 73

    What is the required minimum distribution (RMD)?

  78. Question 74

    What is the saver's credit?

  79. Question 75

    What is the earned income threshold for EITC?

  80. How many did you know?

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  81. Question 76

    What is a dependent exemption vs child tax credit?

  82. Question 77

    What is the marriage bonus?

  83. Question 78

    What is the marriage penalty?

  84. Question 79

    What is head of household filing status?

  85. Question 80

    What is qualifying widow(er) status?

  86. Question 81

    What is an audit?

  87. Question 82

    What is a tax penalty?

  88. Question 83

    What is failure to file penalty?

  89. Question 84

    What is failure to pay penalty?

  90. Question 85

    What is underpayment penalty?

  91. Question 86

    What is a tax extension?

  92. Question 87

    What is the statute of limitations for tax?

  93. Question 88

    What is an amended return?

  94. Question 89

    What is estimated tax penalty avoidance?

  95. Question 90

    What is income averaging?

  96. How many did you know?

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  97. Question 91

    What is charitable contribution deduction?

  98. Question 92

    What is the medical expense deduction?

  99. Question 93

    What is the State and Local Tax (SALT) deduction?

  100. Question 94

    What is the mortgage interest deduction?

  101. Question 95

    What is the earned income requirement for filing?

  102. Question 96

    What is tax withholding estimation?

  103. Question 97

    What is the benefit of tax software?

  104. Question 98

    What is a tax professional?

  105. Question 99

    What is the benefit of early tax planning?

  106. Question 100

    What is quarterly tax adjustment?

  107. Question 101

    What types of income are not taxable?

  108. Question 102

    What is the foreign earned income exclusion?

  109. Question 103

    What is FBAR reporting?

  110. Question 104

    What is Form 8949?

  111. Question 105

    What is Schedule A?

  112. How many did you know?

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  113. Question 106

    What is Schedule D?

  114. Question 107

    What is tax diversity in portfolio?

  115. Question 108

    What is charitable remainder trust?

  116. Question 109

    What is donor-advised fund?

  117. Question 110

    What is tax-efficient withdrawal strategy?

  118. Question 111

    What is stepped-up basis?

  119. Question 112

    What is the gift tax annual exclusion?

  120. Question 113

    What is the estate tax exemption?

  121. Question 114

    What is an irrevocable life insurance trust?

  122. Question 115

    What is tax year?

  123. Question 116

    What is estimated tax safe harbor?

  124. Question 117

    What is tax bracket creep?

  125. Question 118

    What is tax inflation adjustment?

  126. Question 119

    What is the IRS notice?

  127. Question 120

    What are the key tax concepts to remember?

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