H&R Block Midterm Review Questions With Correct Answers

H&R Block Midterm Review Questions
With Correct Answers


Which of the following is considered earned income? C - CORRECT
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ANSWER✔✔-a) Interest from a bank | | | |




b) Unemployment compensation
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c) Income from farming
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d) Gambling winnings
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The tax on income that comes entirely from wages under $100,000 is
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determined according to the: A - CORRECT ANSWER✔✔-a) Tax Tables
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b) Tax Computation Worksheet
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c) Qualified Dividends and Capital Gain Tax Worksheet
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d) Schedule D Tax Worksheet
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Which of the following shows these numbers rounded correctly: $31.43,
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$143.57, $369.22, $1,547.88. B - CORRECT ANSWER✔✔-a) $32. $142.
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$368. $1,547.
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b) $31. $144. $369. $1,548.
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c) $31. $142. $369. $1,547.
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d) $32. $144. $368. $1,547.
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, Which form is used by employers to report wages earned by their
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employees? A - CORRECT ANSWER✔✔-a) Form W-2
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b) Form W-4
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c) Form 1040
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d) Form 1040A
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What is the exemption amount for 2017? B - CORRECT ANSWER✔✔-a)
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$3,850
b) $4,050
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c) $5,050
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d) $6,050
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The following three factors determine the filing requirement for
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nondependents: B - CORRECT ANSWER✔✔-a) Marital status, age, and
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residency
b) Marital status, age, and gross income
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c) Marital status, age, and taxable income
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d) Marital status, age, and total deductions
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The standard deduction on an income tax return is determined by: C -
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CORRECT ANSWER✔✔-a) Citizenship
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