10/27/24, 3:45 PM H&R Block Quiz Ch's 1-5 Flashcards | Quizlet
EUNICE
H&R Block Quiz Ch's 1-5 WITH 100% CORRECT 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
What is Gross Income?
law.
( Money realized in any form whether in money, property, or services.)
Financial gain derived from labor(work), capital (money), or a combination of the
Income
two. The financial gain derived from labor is generally referred to as "wages".
Financial gain "that is" received for "services performed." Some examples of this
What is Earned Income?
include wages, commissions, tips, and generally, farming and other business income.
- Dividends, interests, unemployment that can still be considered taxable income.
What is unearned income? (Money received for investment of money or other property such as interest,
dividends, rents, and royalties).
Gross Income Included or Not ? ? Gross Income Included or Not ? ?
a. Unemployment. Inc. a. Unemployment.
b. Interests on a state or local bond- No. b. Interests on a state or local bond- (Pg. 1.10 There's a Chart)
(Pg. 1.10 There's a Chart) c. Salary income-
c. Salary income- Yes. d. Federal income tax refund-
d. Federal income tax refund- No. e. Dividind income reported on a 1099 DIV?
e. Dividind income reported on a 1099
DIV? Yes.
Scenario? Are they required to file? :
5. Scenario? Are they required to file? Mike is 27, he has a gross income of 13,050 filing head of household with 1
dependent, is he required to file a tax return? (Chart 2.6)
Scenario? Are they required to file? :
Yes they're $80 over. Tim and Susan both age 35 has gross income of 20,380 and want to file a joint return,
are they required to file?
Scenario:
(Head of household means more than 1
June 27 lived with her brother Tim who is 18, her Fiancé (Boyfriend) Bill 29, daughter
exemption, and the brother because he's in
Kelly age 5, June's AGI 27,750, Tim's AGI is 5,000, and Bill's AGI is 4,000, and Kelly has
the tree with 5,000, and he's 18.) - "She can
no income. June qualifies and files head of household for 2014, they want to know
claim 3."
how many Exemptions can June claim on her return?
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EUNICE
H&R Block Quiz Ch's 1-5 WITH 100% CORRECT 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
What is Gross Income?
law.
( Money realized in any form whether in money, property, or services.)
Financial gain derived from labor(work), capital (money), or a combination of the
Income
two. The financial gain derived from labor is generally referred to as "wages".
Financial gain "that is" received for "services performed." Some examples of this
What is Earned Income?
include wages, commissions, tips, and generally, farming and other business income.
- Dividends, interests, unemployment that can still be considered taxable income.
What is unearned income? (Money received for investment of money or other property such as interest,
dividends, rents, and royalties).
Gross Income Included or Not ? ? Gross Income Included or Not ? ?
a. Unemployment. Inc. a. Unemployment.
b. Interests on a state or local bond- No. b. Interests on a state or local bond- (Pg. 1.10 There's a Chart)
(Pg. 1.10 There's a Chart) c. Salary income-
c. Salary income- Yes. d. Federal income tax refund-
d. Federal income tax refund- No. e. Dividind income reported on a 1099 DIV?
e. Dividind income reported on a 1099
DIV? Yes.
Scenario? Are they required to file? :
5. Scenario? Are they required to file? Mike is 27, he has a gross income of 13,050 filing head of household with 1
dependent, is he required to file a tax return? (Chart 2.6)
Scenario? Are they required to file? :
Yes they're $80 over. Tim and Susan both age 35 has gross income of 20,380 and want to file a joint return,
are they required to file?
Scenario:
(Head of household means more than 1
June 27 lived with her brother Tim who is 18, her Fiancé (Boyfriend) Bill 29, daughter
exemption, and the brother because he's in
Kelly age 5, June's AGI 27,750, Tim's AGI is 5,000, and Bill's AGI is 4,000, and Kelly has
the tree with 5,000, and he's 18.) - "She can
no income. June qualifies and files head of household for 2014, they want to know
claim 3."
how many Exemptions can June claim on her return?
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