H&R Block Quiz Ch's 1-5 with 100% Correct Answers | Latest Version 2024 | Expert Verified | Ace the Test

What is Gross Income? - Any money that you made or worked for that is subject to tax. Also, all world-wide income from whatever source derived, unless specifically excluded from taxation by law. ( Money realized in any form whether in money, property, or services.) Income Financial gain derived from labor(work), capital (money), or a combination of the two. The financial gain derived from labor is generally referred to as "wages". What is Earned Income? Financial gain "that is" received for "services performed." Some examples of this include wages, commissions, tips, and generally, farming and other business income. What is unearned income? - Dividends, interests, unemployment that can still be considered taxable income. (Money received for investment of money or other property such as interest, dividends, rents, and royalties). Gross Income Included or Not ? ?