Test Your Tax IQ With This Pop Quiz
What’s your tax bracket?
It’s actually a bit more complicated than it sounds. Sure enough, 39 percent of people in a recent survey answered that question with one of their own: Huh? Seven percent of respondents didn’t know what a tax bracket was. That’s according to a NerdWallet survey of 1,800 U.S. taxpayers conducted by Harris Poll.
Confusion also reigns over the purpose of a W-4, the cutoff date for making a tax-deductible contribution to an IRA (that’s an individual retirement account—but you knew that
Please say you knew that?
), and whether you have to pay tax on time if you get a filing extension from the IRS (the Internal ... oh never mind).
Try your hand at this little quiz. If you get six or seven of the eight right, you are, compared with the nation as a whole, a god. If you get all eight right, that’s just suspicious.
Here we go.