HR block income tax course 1-6 exam
questions and answers/2024/ Verified.
Five filing statuses - >>single, married filing jointly, married filing separate, head of
household, and qualifying widower
-social Security tax withheld - >>6.2% up to 118,500 or 7347.00
-Form 1099- G - >>Form for unemployment compensation
-Medicare tax rate - >>1.45% or 1.45% + 0.9% if the income is over 200,000
-Gross Income - >>Total worldwide income subject to tax
-Form 4852 - >>Substitute for w-2 and tax statement l, or 1099-R
-Firm 1095B - >>Provided by the insurance provider to the taxpayer
-Firm 1095C - >>Provide by the employer with 50 or more applicable full time employees
to the taxpayer
-Community property based on Spanish Civil law - >>income received for services
performed is considered to belong half to the spouse and half to the other spouse.
-British common law - >>Most states regarding the ownership and property are based on
British common law, these are known as separate property states. in separate property states,
income received belongs to the spouse who earned it or who owns the property that produced
the income.
-Three factors determine the filing requirements for nindependents - >>Filing status, age,
gross income
-Five filing status standard deductions - >>single - 6300
married filing jointly 12600
married filing separately 6300
qualifying widower 12600
head of household 9300
-employment compensation - >>wages, salaries, commission, bonuses, gifts or more than
minimal value received from and wmployer, tips, back pay, severance pay, and vacation pay
- - >>
questions and answers/2024/ Verified.
Five filing statuses - >>single, married filing jointly, married filing separate, head of
household, and qualifying widower
-social Security tax withheld - >>6.2% up to 118,500 or 7347.00
-Form 1099- G - >>Form for unemployment compensation
-Medicare tax rate - >>1.45% or 1.45% + 0.9% if the income is over 200,000
-Gross Income - >>Total worldwide income subject to tax
-Form 4852 - >>Substitute for w-2 and tax statement l, or 1099-R
-Firm 1095B - >>Provided by the insurance provider to the taxpayer
-Firm 1095C - >>Provide by the employer with 50 or more applicable full time employees
to the taxpayer
-Community property based on Spanish Civil law - >>income received for services
performed is considered to belong half to the spouse and half to the other spouse.
-British common law - >>Most states regarding the ownership and property are based on
British common law, these are known as separate property states. in separate property states,
income received belongs to the spouse who earned it or who owns the property that produced
the income.
-Three factors determine the filing requirements for nindependents - >>Filing status, age,
gross income
-Five filing status standard deductions - >>single - 6300
married filing jointly 12600
married filing separately 6300
qualifying widower 12600
head of household 9300
-employment compensation - >>wages, salaries, commission, bonuses, gifts or more than
minimal value received from and wmployer, tips, back pay, severance pay, and vacation pay
- - >>
