H&R Block Quiz Ch's 1-5 Exam
Questions & Answers3
What is Gross Income? - ANSWERS-- 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 - ANSWERS-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? - ANSWERS-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? - ANSWERS-- 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. - ANSWERS-Gross Income Included or Not ? ?
a. Unemployment.
b. Interests on a state or local bond- (Pg. 1.10 There's a Chart)
Questions & Answers3
What is Gross Income? - ANSWERS-- 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 - ANSWERS-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? - ANSWERS-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? - ANSWERS-- 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. - ANSWERS-Gross Income Included or Not ? ?
a. Unemployment.
b. Interests on a state or local bond- (Pg. 1.10 There's a Chart)
