Quiz: How Much Do You Know About Taxes?

Test your tax knowledge with this short quiz about our tax system.

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Did You Know?

The most misused Social Security number of all time was 078-05-1120.⁷

In 1938, as part of a promotion to sell wallets through Woolworth and other department stores, wallet manufacturer H. Ferree Company wanted to demonstrate how a Social Security card would fit into its wallets. A sample card was placed inside each wallet and displayed the Social Security number of the company’s secretary, Mrs. Hilda Schrader Whitcher. Even though the sample card was half of the size of an actual Social Security card, was written in red, and had “Specimen” written in bold, over 40,000 people reported 078-05-1120 as their own social security number on tax returns.

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¹Sources of Federal Revenue, Fiscal Data, Dep’t of the Treasury, https://fiscaldata.treasury.gov/americas-finance- guide/government- revenue/#:~:text=Most%20of%20the%20revenue%20the,and%20other%20taxes%20and%20fees.
²Report Phishing and Online Scams, Internal Rev. Serv. (Jan 20, 2023),
https://www.irs.gov/privacy- disclosure/report- phishing#:~:text=The%20IRS%20doesn’t%20initiate,banks%20or%20other%20financial%20accounts.

³Tina Orem, Standard Deduction: How Much It Is in 2022-2023 and When to Take It, NerdWallet (Mar. 6, 2023), https://www.nerdwallet.com/article/taxes/standard-deduction#:~:text=higher%20standard%20deduction.-,2022%20standard%20deduction,%2419%2C400%20for%20heads%20of%20household;
Topic No. 501 Should I Itemize?, Internal Rev. Serv. (Feb. 1, 2023), https://www.irs.gov/taxtopics/tc501#:~:text=You%20should%20itemize%20deductions%20if,Form%201040)%2C% 20Itemized%20Deductions.

⁴Sabrina Parys, 2022-2023 Tax Brackets and Federal Income Tax Rates, NerdWallet (Mar 21, 2023), https://www.nerdwallet.com/article/taxes/federal-income-tax-brackets.

⁵Rocky Mengel, New Hampshire State Tax Guide, Kiplinger (Mar. 9, 2022), https://www.kiplinger.com/state-by- state-guide-taxes/new-hampshire

⁶HIT-1 – Tennessee Income Tax on Interest and Dividend Income, Tenn. Dep’t of Rev., https://revenue.support.tn.gov/hc/en-us/articles/360057352952-HIT-1-Tennessee-Income-Tax-on-Interest-and-Dividend-Income

⁷Social Security Cards Issued by Woolworth, Soc. Sec. Admin., https://www.ssa.gov/history/ssn/misused.html.