Quiz - Tax Basics for Entrepreneurs

1. Why is paying taxes important for entrepreneurs?

It helps you avoid penalties and legal trouble

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It reduces your income

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It only applies if you have employees

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It is optional for small businesses

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2. If your gross income is $2,000/month and taxes total about $251, what is your net take-home pay?

$1,500

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$1,749

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$1,251

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$2,000

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3. What does the Self-Employment Tax cover?

Business travel expenses

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Social Security and Medicare contributions

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Utilities and internet

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Sales tax collection

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4. Which of the following is a deductible business expense?

Personal groceries

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Family vacation

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Office rent

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Birthday gifts

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5. If your business earns $50,000 and you have $15,000 in expenses, how much is taxable?

$65,000

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$35,000

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$50,000

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$15,000

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Quiz – Tax Basics for Entrepreneurs

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