H&R Block Chapter 1 Question and answers 2023/2024 verified to pass

H&R Block Chapter 1 Question and answers 2023/2024 verified to passIncome - correct answer is 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. Unless specifically exempt or excluded by law, all income is subject to income tax and is reported on a tax return. Gross Income - correct answer means all worldwide income from whatever source derived, unless specifically excluded from taxation by law. Gross income includes income realized in any form, whether in money, property, or services. Earned Income - correct answer is received for services performed. Some examples are wages, commissions, tips, and generally farming and other business income.