HR BLOCK Exam Bundle (Full pack solutions) Graded A

Which of the following is a requirement for all taxpayers who want to claim the EIC? Live in the U.S. for more than half a year. Have a valid social security number. Have a qualifying child dependent. Have AGI less than $21,430 ($27,380 MFJ). - ans-Have a valid social security number. A ...

What are the three Accounting periods? - ans--Calendar yr. -Fiscal year (Ending last day of the month, other than December) -52/53 week What is the method for recognizing income under the accrual method? - ans-All events have occurred and in reasonable amount. When is the all events te...

tax - ans-payment to support cost of government taxpayer - ans-any person or organization required by law to pay a tax to a governmental authority incidence - ans-the ultimate economic burden represented by the tax jurisdiction - ans-the right of the governement to levy tax on a...

What is the Difference between earned income and unearned income? - ans-Earned income is received for services performed. Examples are wages commissions, tips and generally farming and other business income . Taxable income other than that received for services performed. Unearned Income includes...

What income reporting form should an independent contractor sometimes receive from the person who paid him for his services? - ans-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 metho...

Describe the purpose of the CSO - ans-To provide help & inspire confidence in our clients & communities everywhere. Explain the CSO structure, our teams and commonly asked questions? - ans-Care to provide help & inspire confidence; serve w/ transparency; win by making it easy. Escalation...

A taxpayer should include which of the following when figuring their federal gross income? - ans-Gifts and inheritances. Life insurance payments, if paid by reason of the death of the insured. Meals and lodging provided for the convenience of the employer Prizes and awards. To avoid the ris...

Circular 230 - ans-Regulations governing the practice of attorneys, certified public accountants, enrolled agents, enrolled actuaries, and appraisers before the IRS. Disclosure - ans-The release of tax information by an IRS employee. Due Diligence - ans-Requirements that tax professio...

Which of the following dependent relatives does not have to live in the same household with the taxpayer at any time during the year to qualify the taxpayer for head of household status? Aunt,mother,brother, married child? - ans-Mother Ronald and Sue Dobbins, a married couple, were both 61 yea...

Adjustable rate mortgage (ARM) - ans-(ARM) A mortgage that permits the lender to periodically adjust the interest rate to reflect fluctuations in the cost of money. auto insurance - ans-Insurance to protect a car owner in the event of an accident or damage to a vehicle. budget - ans-A...