Test your Tax IQ – Take Our Erock Tax Quiz.

What is your TAX IQ?  Tax Test!  Email us your answers!

1.  What is the latest an individual can file their income taxes?

1. April 15
2. August 15
3. October 15
4. December 31

2. How many years are you supposed to keep your income tax returns?

1. 3
2. 5
3. 10
4. Forever

3. What was the employee payroll tax percentage in 2011?

1. 6.2
2. 9.0
3. 3.1
4. 4.2

4. What is the maximum you can contribute to an IRA if you are over 50 in 2011?

1. $3,000
2. $5,000
3. $6,000
4. $10,000

5. If you have a dependent child in college pursuing an undergraduate degree, what is the annual refund that you may be entitled to from the American Opportunity Credit?

1. $500
2. $1,500,
3. $2,000
4. $2,500

6.  What is the long term capital gains rate for a married tax payer whose adjusted gross income is less than $69,000?

1. 0%
2. 5%
3. 10%
4. 25%

7. How much can a family with three children under 17 years old who earn less than $110,000 per year save from the child tax credit?

1. $600
2. $1,000
3. $2,000
4. $3,000

8. What is the maximum tax credit you can save by purchasing a new 2011 Chevy Volt or Nissan Leaf?

1. $1,000
2. $5,000
3. $7,500
4. $15,000

9. How much can you save in 2011 by making home improvements that qualify for the residential energy credit?

1. $0
2. $500
3. $1,500
4. $2,500

10. What is the most you can deduct as a loss as an active participant in owing a rental property?

1. $500
2. $2,000
3. $10,000  
4. $25,000  

Stuart Steinberg, CPA, MBA has owned a strategic tax planning practice on the North Shore for 23 years.  Please feel free to contact him anytime and let Erock Tax take care of you!