H&R Block Quiz Ch's 1-5 Questions And
Answers With Verified Solutions 100%
Correct Rated A+
Q: What is Gross Income?
A: Any money earned or worked for that is subject to tax, including worldwide
income from any source unless specifically excluded by law. It refers to money
realized in any form, whether in money, property, or services.
Q: What is Income?
A: Financial gain derived from labor, capital, or a combination of both. Income
from labor is commonly referred to as "wages."
Q: What is Earned Income?
A: Financial gain received for services performed, such as wages, commissions,
tips, and income from farming or other business activities.
Q: What is Unearned Income?
A: Income received from investments, such as dividends, interest, and rents, or
government benefits like unemployment that may still be subject to tax.
Q: Is the following included in Gross Income?
Unemployment: Yes.
Interest on state or local bond: No.
Salary income: Yes.
Federal income tax refund: No.
Dividend income reported on a 1099-DIV: Yes.
Answers With Verified Solutions 100%
Correct Rated A+
Q: What is Gross Income?
A: Any money earned or worked for that is subject to tax, including worldwide
income from any source unless specifically excluded by law. It refers to money
realized in any form, whether in money, property, or services.
Q: What is Income?
A: Financial gain derived from labor, capital, or a combination of both. Income
from labor is commonly referred to as "wages."
Q: What is Earned Income?
A: Financial gain received for services performed, such as wages, commissions,
tips, and income from farming or other business activities.
Q: What is Unearned Income?
A: Income received from investments, such as dividends, interest, and rents, or
government benefits like unemployment that may still be subject to tax.
Q: Is the following included in Gross Income?
Unemployment: Yes.
Interest on state or local bond: No.
Salary income: Yes.
Federal income tax refund: No.
Dividend income reported on a 1099-DIV: Yes.
