Samenvattingen, Notities en Examens

H & R Block Midterm Review Test Questions and Answers 100% Solved 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 D.) Unemployment compensation

H&R Block- Chp 2 Filing Requirements Exam Questions And Answers 100% Solved community income Income of a married couple, living in a community property state, that is considered to belong equally to each spouse, regardless of which spouse receives the income. community property property considered to belong in equal property to each spouse dependent someone who can be claimed on another person's income tax return gross income total worldwide income received in the form of money, prope...

HRB Tax class Test Questions and Answers 100% Solved Ch 1: Earned Income Any income (wages/salary) that is generated by working. Social security A federal insurance program funded by taxpayer dollars that provide benefits to people who are retired, unemployed, or disabled: 6.2% of income. income tax Taxes paid out by anyone who earns an income. federal income tax Used to support government programs such as military defense and public services. state income tax Used to support protecti...

LEVEL 2 - TAX SPECIALIST (HRB) – CRYPTO TEST QUESTIONS AND ANSWERS 100% SOLVED Currency is tangible or intangible property? Intangible Cash is fiat/real currency, gov. issued & not backed by commodities like gold or silver Digital Currency is any currency used exclusively in what form? Electronic One sub type of digital currency is virtual currency The IRS definition of virtual currency is... a digital representation of value that functions as a medium of exchange, a unit of account,...

H&R Block Income Tax Course Questions and Answers 100% Solved Due Diligence Requirements that tax professionals must follow when preparing income tax returns. Estimated Tax The amount of tax a taxpayer expects to owe for the year after subtracting expected amounts withheld and certain refundable credits. Estimated Tax Voucher 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 is not subject to withho...

H&R Block Final Review Questions and Answers 100% Solved What is the difference between earned income and unearned income? 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 income....

H&R Block 2024/2025 Scenarios Test Questions and Answers 100% Solved Carolyn earned $52,000 as a full-time employee in 2018. Due to procrastination and denial, she did not prepare her 2018 income tax return until June 23, 2019. Carolyn did not file the return until August 1, 2019. She did not request an extension of time to file. Her return showed a balance due of $1,500. What is her penalty? The IRS assesses a late filing penalty for four months. Carolyn's penalty is $300 [5% x 4 x ...

H&R Block Ch. 1&2 Test Questions and Answers 100% Solved Wage Compensation, usually financial, received by workers in exchange for their work. Adjusted gross income (AGI) Equals gross income, less reductions that are allowable, regardless of whether personal deductions are itemized. Credits Reductions of tax liablility allowed for various purposes to tax payers who meet the qualifications. Some are refundable some are non-refundable. Some credits may be carried to different years. Re...

H&R Block Midterm Review Questions and Answers 100% Solved 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

HRB-27 Final Exam Review Questions and Answers 100% Solved What income reporting form should an independent contractor sometimes receive from the person who paid him for his services? Form 1099-MISC (15.6) Schedule C, Line F asks for the accounting method used in the business. What is the difference between the cash method and the accrual method of accounting? • Under the accrual method, total sales and total charges for services are included in income even though payment may be re...