H&R BLOCK

What is the Difference between earned income and unearned income? - ans-Earned income is received for services performed. Examples are wages commissions, tips and generally farming and other business income . Taxable income other than that received for services performed. Unearned Income includes money received ro the investment of money or other property, such as interest, dividends, and royalties. It also includes pensions alimony, unemployment compensation and other income that is not earne...

Which of the following is an example of a casualty and/or theft loss? Termite damage Misplaced property Damage or loss from a terrorist attack Property broken through ordinary use - ANSWER Damage or loss from a terrorist attack

Why is the Payroll Calculator helpful in determining the effect of a 401K contribution on net pay? - ANSWER 401(k) contributions reduce the federal tax owed. What minimum balance must be maintained in the emergency fund in order to earn the trophy? - ANSWER $500 How can a participant earn the Perfect Pay trophy? - ANSWER Pay all of their bills in full and on time.

Why is the Payroll Calculator helpful in determining the effect of a 401K contribution on net pay? - ANSWER 401(k) contributions reduce the federal tax owed. What minimum balance must be maintained in the emergency fund in order to earn the trophy? - ANSWER $500 How can a participant earn the Perfect Pay trophy? - ANSWER Pay all of their bills in full and on time.

Which of the following is an example of a casualty and/or theft loss? Termite damage Misplaced property Damage or loss from a terrorist attack Property broken through ordinary use - ANSWER Damage or loss from a terrorist attack

What is the standard deduction for a taxpayer filing single? - ANSWER $6200 What is the standard deduction for a taxpayer filing married filing joint? - ANSWER $12400 What is the standard deduction for a taxpayer filing married filing separate? - ANSWER $6200

Which of the following is considered earned income? C - ANSWER a) Interest from a bank b) Unemployment compensation c) Income from farming d) Gambling winnings The tax on income that comes entirely from wages under $100,000 is determined according to the: A - ANSWER a) Tax Tables b) Tax Computation Worksheet c) Qualified Dividends and Capital Gain Tax Worksheet d) Schedule D Tax Worksheet Which of the following shows these numbers rounded correctly: $31.43, $143.57, $369.22, $1,547.88...

H&R Block Specialist Test Questions & Revised Correct Answers 1. Sam pays his 19 yr. old son, Joshua, $550/month to maintain the lawn & garden at the family residence. Sam is subject to what household employment tax rules for Joshua? - ANSWER : A. Since Joshua is not performing any child case services, the household tax rules do not apply. B. Since Joshua is the taxpayer's child under age 21, the household employment tax rules do not apply. C. Since no evidence is given that Jos...

What is the standard deduction for a taxpayer filing single? - ️️$6200 What is the standard deduction for a taxpayer filing married filing joint? - ️️$12400 What is the standard deduction for a taxpayer filing married filing separate? - ️️$6200 What is the standard deduction for a taxpayer filing qualifying widow? - ️️$9100 What is the standard deduction for a taxpayer filing head of household? - ️️$9100 What does Form 1099-G provide? - ️️Certain government...

What is the standard deduction for a taxpayer filing single? - ️️$6200 What is the standard deduction for a taxpayer filing married filing joint? - ️️$12400 What is the standard deduction for a taxpayer filing married filing separate? - ️️$6200 What is the standard deduction for a taxpayer filing qualifying widow? - ️️$9100 What is the standard deduction for a taxpayer filing head of household? - ️️$9100 What does Form 1099-G provide? - ️️Certain government...

Which of the following is considered earned income? C - ️️a) Interest from a bank b) Unemployment compensation c) Income from farming d) Gambling winnings The tax on income that comes entirely from wages under $100,000 is determined according to the: A - ️️a) Tax Tables b) Tax Computation Worksheet c) Qualified Dividends and Capital Gain Tax Worksheet d) Schedule D Tax Worksheet Which of the following shows these numbers rounded correctly: $31.43, $143.57, $369.22, $1,547.88....

Tony (28) and Adam (27) are cousins and lived in the same home throughout 2017. Adam only earned $2,500 in 2017. Tony earned $25,000 in 2017. What test does he meet? - correct answer Adam meets the relationship and member of household test for Tony, since Adam lived with Tony the entire year. Tony may be able to claim Adam as a qualifying relative dependent. Note: Being cousins alone will not meet the relationship test for qualifying relative, because a cousin is not listed as a specific ...

1 H&R BLOCK INCOME TAX COURSE EXAM | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+ Circular 230 Correct Answer: Regulations governing the practice of attorneys, certified public accountants, enrolled agents, enrolled actuaries, and appraisers before the IRS. Disclosure Correct Answer: The release of tax information by an IRS employee. Due Diligence Correct Answer: Requirements that tax professionals must follow when preparing income tax returns. Noncompliance Corr...

1 H & R BLOCK STUDY QUIZ CH 1-11 | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+ Which of the following dependent relatives does not have to live in the same household with the taxpayer at any time during the year to qualify the taxpayer for head of household status? Aunt,mother,brother, married child? Correct Answer: Mother Ronald and Sue Dobbins, a married couple, were both 61 years old when Ronald died on January 1, 2017. Sue did not remarry. How many personal exemp...

1 H&R BLOCK BUDGET CHALLENGE EXAM | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+ Auto insurance Correct Answer: A type of insurance used by vehicle owners to cover costs associated with car accidents. Budget Correct Answer: A chart that documents how much money an individual earns and spends. Cash Flow Correct Answer: The relationship between income and expenses in a budget. For example, if you spend more money than you have coming in, you have negative cash fl...

1 H&R BLOCK INCOME TAX COURSE EXAM | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+ Due Diligence Correct Answer: Requirements that tax professionals must follow when preparing income tax returns. Estimated Tax Correct Answer: The amount of tax a taxpayer expects to owe for the year after subtracting expected amounts withheld and certain refundable credits. Estimated Tax Voucher Correct Answer: A statement by an individual of (1) the amount of income tax he estimat...

1 H&R BLOCK BUDGET | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+ How does credit utilization affect your credit score? Correct Answer: Keeping credit utilization below 30% increases your score. Which would not be identifying information included in a credit report? Correct Answer: Marital status What would be the most likely difference between loans offered to someone with a good credit score versus a loan offered to someone with an excellent score? Correct Answer: Th...

1 H & R BLOCK MIDTERM REVIEW EXAM | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+ Some types of income do not need to be reported anywhere on a federal tax return. This includes all of the following EXCEPT: A.) Most medical insurance proceeds B.) Worker's compensation paid to an employee who was injured on the job. C.) Welfare benefits D.) Unemployment compensation Correct Answer: D.) Unemployment compensation Which of the following is considered earned income? A.)...

1 H&R BLOCK 2018 SCENARIOS EXAM | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+ Carolyn earned $52,000 as a full-time employee in 2018. Due to procrastination and denial, she did not prepare her 2018 income tax return until June 23, 2019. Carolyn did not file the return until August 1, 2019. She did not request an extension of time to file. Her return showed a balance due of $1,500. What is her penalty? Correct Answer: The IRS assesses a late filing penalty for four mon...

1 H&R BLOCK BUDGET CHALLENGE QUIZ WEEK 4 - UNEXPECTED EVENTS EXAM | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+ What happens if you don't pay your insurance premium for your car? Correct Answer: You are not insured and are driving illegally. Suppose that you only have liability and comprehensive car insurance and you allow your roommate (who doesn't have car insurance) to drive your car to run an errand. What will likely happen if there is a single-car accident c...