Froggy Jumps Leaping Through Taxes: The Frogtastic Form 1040 ChallengeOnline version Test your knowledge about Form 1040 with these 10 questions! by Tiwana Kyle 1 What is the purpose of Form 1040? a To report personal income and calculate federal tax liability. b To document business expenses for tax deductions. c To request an extension on tax filing 2 Which of these is not a filing status on Form 1040? a Married Filing Jointly b Head of Household c Single Business Owner 3 Which form is used to itemize deductions on Form 1040? a Schedule A b Schedule C c Form 1099 4 Which income is not reported on Form 1040? a Wages and salaries b Dividend income c Foreign earned income exclusion 5 What is the purpose of Schedule C attached to Form 1040? a To report income or loss from a business you operated. b To document charitable contributions. c To calculate Earned Income Credit. 6 For which situation would a taxpayer not use Form 1040? a Reporting income from self-employment. b Calculating Child Tax Credit. c Filing a return for a partnership. 7 What is Schedule D used for in conjunction with Form 1040? a Reporting capital gains and losses. b Itemizing deductions. c Reporting foreign income. 8 Which tax credit cannot be claimed on Form 1040? a Child Tax Credit b Foreign Tax Credit c Small Business Healthcare Tax Credit 9 Form 1040-ES is used for what purpose? a Estimating and paying quarterly self-employment tax. b Reporting supplemental wages. c Requesting an extension for filing Form 1040. 10 What is the purpose of the 'Standard Deduction' on Form 1040? a To reduce taxable income without itemizing deductions. b To report business expenses. c To calculate self-employment tax.
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