H&R BLOCK

Why is the Payroll Calculator helpful in determining the effect of a 401K contribution on net pay? 401(k) contributions reduce the federal tax owed. What minimum balance must be maintained in the emergency fund in order to earn the trophy? $500 How can a participant earn the Perfect Pay trophy? Pay all of their bills in full and on time. What happens if a participant overpays a vendor and needs the money to pay a different bill? The money will be refunded overnight if the participant reque...

Where should unemployment compensation be reported on Form 1040? Schedule 1, line 7 What form is used to report long-term disability benefits to the taxpayer? 1099-R Which of the following nondependent taxpayers is NOT eligible to claim the student loan interest deduction? A taxpayer filing married filing separately Which qualifying child requirement does Morris fail? Morris, the potential dependent, is a single 20-year-old man. He is a full-time student at the local university. He lives...

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 payments such as unemployment. What is a standard deduct...

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? 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 relative relation...

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. B a) $32. $142. $...

H&R Block Quiz Ch's 1-5 With Verified Answers. What is Gross Income? - correct answer-- 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 - correct answer-Financial gain derived from labor(work), capital (money), or a combination of the two. The financial gain derived from labor is generally r...

H&R Block Income Tax Course Final Exam. 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 estimates he will incur during the current taxable year on income that i...

H&R Block Income Tax Course Questions And Answers With Verified Answers. 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 -correct answer- Failure or refus...

H&R Block Specialist Test With Verified Answers 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 Joshua is a student, he is consider...

H&R Block Final Review Questions And Answers With Correct Answers.What is the difference between earned income and unearned income? - answer-Earned income is received for services performed. Some examples of earned income include wages, commissions, tips, farming, and other business income. Unearned income is taxable income that does not meet the definition of earned income. Examples of unearned income include interest income, dividends, rents and royalties, pensions, alimony, and unemployment ...