H&R BLOCK MIDTERM REVIEW QUESTIONS WITH CORRECT ANSWERS

Which of the following is considered earned income? C CORRECT 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 CORRECT 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. B CORRECT ANSWER a) $32. $142. $368. $1,547. b) $31. $144. $369. $1,548. c) $31. $142. $369. $1,547. d) $32. $144. $368. $1,547. Which form is used by employers to report wages earned by their employees? A CORRECT ANSWER a) Form W-2 b) Form W-4 c) Form 1040 d) Form 1040A What is the exemption amount for 2017? B