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Real Time Insight

It's that time of year again! April 15 - Tax Day.

Let's see how well you know your taxes.

1. What percentage of individuals still filed paper returns in 2012?

A. 18%
B. 6%
C. 42%
D. 30%

2. What is the largest tax expenditure for the federal government?

A. Deductibility of mortgage interest on owner-occupied homes
B. 401(k)-type plans
C. Exclusion of employer contributions for medical insurance premiums and medical care
D. Deductibility of charitable contributions

3. What percentage of total federal government receipts came from individual income taxes in 2012?

A. 46%
B. 58%
C. 70%
D. 82%

4. What percentage of total government receipts came from corporate taxes in 2012?

A. 36%
B. 27%
C. 18%
D. 10%

5. In what year was the first permanant income tax implemented in the United States?

A. 1776
B. 1791
C. 1862
D. 1913

6. According to the Congressional Budget Office, the top 1% of households by income paid what percentage of all individual income taxes in 2010?

A. 9.9%
B. 1.0%
C. 39.0%
D. 17.2%

7. What percentage of American households paid no federal income tax in 2013?

A. 47%
B. 43%
C. 39%
D. 35%

8. What was the average tax refund in 2013?

A. $2,651
B. $3,535
C. $883
D. $1,767

9. Approximately how many words are in the U.S. tax code?

A. 400,000
B. 4,000,000
C. 40,000,000
D. 400,000,000

10. According to the Tax Foundation, what percentage of individual taxpayers pay professionals to prepare their tax returns for them (note that this does not include tax preparation software like TurboTax)?

A. 29%
B. 59%
C. 74%
D. 44%

11. According to the IRS, approximately how many hours are spent each year by individuals and businesses complying with the tax code?

A. 76 million
B. 760 million
C. 7.6 billion
D. 76 billion

12. The last year the federal government ran a budget surplus was in 2001. However, even when adjusting for inflation, the government collected more in 2013 than it did in 2001 (2013 was the second highest ever for revenue in constant dollars) and still managed to have a deficit of $680 million. How much did spending increase (in constant dollars) from 2001 to 2013?

A. 1%
B. 4%
C. 23%
D. 42%

 

 

ANSWERS:
1. A
2. C
3. A
4. D
5. D
6. C
7 B
8. A
9. B
10. B
11. C
12. D

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