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QUIZ TAX 101

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1. Which of the following best describes a W-2 employee?
A self-employed contractor An employee whose employer withholds taxes A shareholder in a corporation A person working without any reporting requirements
2. What is one major tax document that must be filed annually for a C Corporation?
Form 1040 Form 1120 Form 941 Schedule C
3. Which of the following expenses can typically be deducted by a 1099 contractor?
Employer-paid health insuranc Salaries paid to other employees Home office expenses (if exclusively used) Payroll taxes withheld for employees
4. For an S Corporation, what is a key requirement for maintaining pass-through taxation status?
No limit on the number of shareholders All shareholders must be U.S. citizens or residents Must pay corporate taxes separately from shareholders Must have at least 500 shareholders
5. Under the SALT cap rules, what is the maximum deduction allowed for state and local taxes if married filing separately?
$20,000 $5,000 $10,000 No limit