Samenvattingen, Notities en Examens

H&R Block Mid Term Review Exam | Questions & 100% Correct Answers H&R Block Mid Term Review Exam | Questions & 100% Correct Answers What is the standard deduction for a taxpayer filing single? - ANSWER - $6200 What is the standard deduction for a taxpayer filing married filing joint? - ANSWER - $12400 What is the standard deduction for a taxpayer filing married filing separate? - ANSWER - $6200 What is the standard deduction for a taxpayer filing qualifying widow? - ANSWER - $9100 ...

H&R Block Income Tax Course Exam (2023) | Questions, Answers, & Term Definitions (100% Correct) H&R Block Income Tax Course Exam (2023) | Questions, Answers, & Term Definitions (100% Correct) Circular 230 - ANSWER - Regulations governing the practice of attorneys, certified public accountants, enrolled agents, enrolled actuaries, and appraisers before the IRS. Disclosure - ANSWER - The release of tax information by an IRS employee. Due Diligence - ANSWER - Requirements that tax profess...

H&R Block Income Tax Course Complete Questions with 100% Correct Answers Circular 230 Regulations governing the practice of attorneys, certified public accountants, enrolled agents, enrolled actuaries, and appraisers before the IRS. Disclosure The release of tax information by an IRS employee. Due Diligence Requirements that tax professionals must follow when preparing income tax returns. Noncompliance Failure or refusal to comply with the tax code. Privilege Protection from being re...

An example of an excise tax is Social Security. True or False - Answer False Sam and Diane are completing their federal income taxes for the year and have identified the amounts listed here. How much can they rightfully deduct? • AGI: $80,000 • Medical and dental expenses: $9,000 • State income taxes: $3,500 • Mortgage interest: $9,500 • Charitable contributions: $1,000 a) $14,000 b) $15,000 c) $20,000 d) $23,000 e) $57,000 - Answer b A tax credit reduces the t...

True or false: Income tax is paid during the year through withholding from paychecks and/or estimated payments. - Answer True Which of the following would have tax deductible interest? - Answer Home Mortgage _______ income is the net amount of income, after considering allowable deductions, on which tax is computed. - Answer taxable A tax ______ reduces taxable income, thereby reducing the tax liability. - Answer Deduction Which of the following is not a deductible charitable...

What is the standard deduction for a taxpayer filing single? - Answer $6200 What is the standard deduction for a taxpayer filing married filing joint? - Answer $12400 What is the standard deduction for a taxpayer filing married filing separate? - Answer $6200 What is the standard deduction for a taxpayer filing qualifying widow? - Answer $9100 What is the standard deduction for a taxpayer filing head of household? - Answer $9100 What does Form 1099-G provide? - Answer ...

Which of the following is considered earned income? C - Answer 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 - Answer 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, $1,5...

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? - Answer 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 relati...

Which of the following is an example of a casualty and/or theft loss? Termite damage Misplaced property Damage or loss from a terrorist attack Property broken through ordinary use - Answer Damage or loss from a terrorist attack The Saver's Credit may be claimed by eligible taxpayers who make a contribution to a qualified retirement fund. Which one of these savings vehicles do NOT qualify for the Saver's Credit? A mutual fund in a 401K account. A mutual fund in a Roth IRA. A no...

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 ...

Circular 230 - Answer Regulations governing the practice of attorneys, certified public accountants, enrolled agents, enrolled actuaries, and appraisers before the IRS. Disclosure - Answer The release of tax information by an IRS employee. Due Diligence - Answer Requirements that tax professionals must follow when preparing income tax returns. Noncompliance - Answer Failure or refusal to comply with the tax code. Privilege - Answer Protection from being required to disclose...

Which of the following is a requirement for all taxpayers who want to claim the EIC? Live in the U.S. for more than half a year. Have a valid social security number. Have a qualifying child dependent. Have AGI less than $21,430 ($27,380 MFJ). - Answer Have a valid social security number. A combined due diligence penalty of $2,180 would indicate a penalty for which of the following? EIC, CTC/ODC/ACTC, and head of household. EIC, AOTC, and CTC/ODC/ACTC. EIC, AOTC, CTC/ODC/ACTC, and...