H&R Block Quiz Ch's 1-5
What is Gross Income? - 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 - answer 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? - answer 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? - answer- 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. - answerGross Income Included or
Not ? ?
a. Unemployment.
b. Interests on a state or local bond- (Pg. 1.10 There's a Chart)
c. Salary income-
d. Federal income tax refund-
e. Dividind income reported on a 1099 DIV?
5. Scenario? Are they required to file? - answerScenario? Are they required to file? :
Mike is 27, he has a gross income of 13,050 filing head of household with 1 dependent,
is he required to file a tax return? (Chart 2.6)
Yes they're $80 over. - answerScenario? Are they required to file? :
Tim and Susan both age 35 has gross income of 20,380 and want to file a joint return,
are they required to file?
(Head of household means more than 1 exemption, and the brother because he's in the
tree with 5,000, and he's 18.) - "She can claim 3." - answerScenario:
What is Gross Income? - 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 - answer 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? - answer 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? - answer- 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. - answerGross Income Included or
Not ? ?
a. Unemployment.
b. Interests on a state or local bond- (Pg. 1.10 There's a Chart)
c. Salary income-
d. Federal income tax refund-
e. Dividind income reported on a 1099 DIV?
5. Scenario? Are they required to file? - answerScenario? Are they required to file? :
Mike is 27, he has a gross income of 13,050 filing head of household with 1 dependent,
is he required to file a tax return? (Chart 2.6)
Yes they're $80 over. - answerScenario? Are they required to file? :
Tim and Susan both age 35 has gross income of 20,380 and want to file a joint return,
are they required to file?
(Head of household means more than 1 exemption, and the brother because he's in the
tree with 5,000, and he's 18.) - "She can claim 3." - answerScenario:
