Now that income tax season is over for some taxpayers, let’s see how much you know about individual income taxes in the US. Take our fun and a quirky quiz to test your tax IQ! 🤓💰💡
Which of the following taxes provides the highest percentage of federal revenue in 2022?
A) Corporate taxes
B) Excise taxes
C) Income taxes
D) Social Security taxes
True or False: The top 1% of earners in the US pay more than 70% of all income taxes. 🤔💰
A) True
B) False
How much can you save in taxes with a 401(k) contribution? 🤔
💰💼
A) Up to $1,000
B) Up to $5,000
C) Up to $10,000
D) Up to $19,500
Which of the following tax credits is NOT available for individuals in the US? 🤔
A) Earned Income Tax Credit
B) Child Tax Credit
C) Lifetime Learning Credit
D) Corporate Tax Credit
True or False: The tax credit for electric vehicles in the US is the same for American-made and foreign-made vehicles. 🤔
A) True
B) False
Answers:
(C)Â Income taxes provide the highest percentage of federal revenue in 2022, at 54%.
(B)Â False. The top 1% of earners in the US pay about 40% of all income taxes.
(D)Â You can save up to $19,500 in taxes with a 401(k) contribution.
(D)Â There is no such thing as a corporate tax credit for individuals.
(B)Â False. Under a new proposal by the Biden administration, American-made electric vehicles may be eligible for a higher tax credit than foreign-made vehicles.
How did you do? If you need help with your taxes, don’t hesitate to book a free tax assessment with us today!
Our experienced team of professionals can help you navigate the complex world of tax laws and regulations and ensure you take advantage of all available tax deductions and credits. Don’t miss out on valuable tax savings.