H&R Block Quiz Ch's 1-5 with complete solutions

H&R Block Quiz Ch's 1-5 with complete solutions What is Gross Income? - ANS ️️ - 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 - ANS ️️ 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? - ANS ️️ 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? - ANS ️️ - 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 ? ? a. Unemployment. Inc. b. Interests on a state or local bond- No. (Pg. 1.10 There's a Chart) c. Salary income- Yes. d. Federal income tax refund- No. e. Dividind income reported on a 1099 DIV? Yes. - ANS ️️ Gross Income Included or Not ? ?