HRB Study guides, Class notes & Summaries

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...

H & R Block Final Exam with Complete Solutions Which of the following individuals is an eligible educator and may deduct up to $300 of qualified educator expenses? (None of them received any reimbursements.) Mr. Chang is a fourth-grade teacher. He taught full-time in a classroom and worked more than 900 hours during the school year. He spent $750 on teaching supplies used in his classroom Kailani has a bank account at Lending Bank. She received Form 1099-INT, Interest Income, shown b...

H&R Block Tax Prep 2024/2025 Midterm Study Review Questions and Answers 100% Solved Kiera, 25, taxpayer, $5,800, unmarried Jan-June f/t student Jaylon, 1, son, $0- contributes more than 50% Annette, 48, mother, $25k Kiera & Jaylon have lived with Annette for all of 2018 Single, Child Tax Credit/Additional Child Tax Credit, Earned Income Tax Credit Alicia, 29, taxpayer $36,450, separated Bebe, 3 & Meme, 5, daughters Live in Alicia's parents finished basement since 2017 Contributi...

Final H & R, H & R Block Final Exam Questions and Answers 100% Solved Duke and his wife were legally divorced in 2021. After the divorce, Duke retained physical custody of their son. Duke received the following amounts from his ex-wife, on behalf of their son or as ordered by the court through a divorce decree: • Court-ordered child support of $2,000 per month. • Court-ordered alimony of $1,000 per month. How much of this income should be reported on Duke's federal return?