H&R BLOCK
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H&R Block Midterm Review Latest Update Questions and 100% Verified Correct Answers Guaranteed A+
H&R BLOCK Final Test Review (ITC 2024) Latest Update Questions and 100% Verified Correct Answers Guaranteed A+
H&R BLOCK FINAL EXAM Latest Update Questions and 100% Verified Correct Answers Guaranteed A+
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...