H & R Block Midterm Review | Questions and Correct Answers | Latest Update 2024/2025

H & R Block Midterm Review | Questions and Correct Answers | Latest Update 2024/2025 Some types of income do not need to be reported anywhere on a federal tax return. This includes all of the following EXCEPT: A.) Most medical insurance proceeds B.) Worker's compensation paid to an employee who was injured on the job. C.) Welfare benefits D.) Unemployment compensation - Answer -D.) Unemployment compensation Which of the following is considered earned income? A.) Interest from a bank account. B.) Unemployment compensation C.) Income from farming D.) Gambling Winnings - Answer -C.) Income from farmingWhich of the following shows these numbers rounded correctly: $31.43, $143.57, $369.22, $1,547.88? A.) $32. $142. $368. $1,547 B.) $31. $144. $369. $1,548 C.) $31. $142. $369. $1,547. D.) $32. $144. $368. $1,547 - Answer -B.) $31. $144. $369. $1,548 The tax on income that comes entirely from wages under $100,000 is determined according to the? A.) Tax tables