Filing Your Taxes Quiz

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Filing Your Taxes Quiz
You'll need to correctly answer at least 7 of the 13 questions below (at least 50%) to progress to the next unit.
Question #1: In the No Calculation Option for Tax Instalment Payments, the payments due in March and June will each be equal to ¼ of the tax and CPP contributions payable on self-employment income of the individual's return from 2 years prior. What would Beth's March payment be?
Question #2: In the Prior Year Option for Tax Instalment Payments, the payments due in March, June, September and December will each be equal to ¼ of the total tax and CPP contributions payable from self-employment income from the individual's return from the prior year. What would Beth's March payment be?
Question #3: In the Current Year Option for Tax Instalment Payments, the payments due in March, June, September and December are each calculated as ¼ of the estimated tax and CPP contributions payable on self-employment earnings for the expected net income of the current tax year. What would Beth's March payment be?
Question #4: When can a self-employed individual file taxes up to?
Question #5: What type of proof of your income and deductions do you need for the CRA?
Question #6: How many years does the CRA expect you to keep all your records for filing taxes?
Question #7: Which of the following methods can you use to make Tax Instalment Payments?
Question #8: Fill in the blank: According to the CRA, you have to pay your income tax by instalments for the current calendar year if your net tax owing is more than _____ in either the current calendar year or in either of the two previous calendar years.
Question #9: If an individual is required to make tax instalment payments, but his/her tax obligation does not change very much from year-to-year, which instalment option can s/he choose?
Question #10: If an individual is required to make tax instalment payments, which option is best if his/her tax obligation for the current year will be similar to the obligation of the prior year but significantly more than the tax obligation of 2 years ago?
Question #11: If an individual is required to make tax instalment payments, which is the best option if his/her tax obligation will be significantly different (either higher or lower) than it was in either of the previous 2 tax years?
Question #12: If you chose a Tax Instalment Payment option that led you to pay instalments that totalled $3,000 in a year, but your total taxes that year ended up being $4,000, you would have to pay the difference.
Question #13: If the individual who is required to pay tax instalments knows that his/her tax obligation is going to significantly change, s/he must choose the Current Year Calculation even if CRA sends him/her instalments forms for the No Calculation amounts.
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