Exam (elaborations)
HRB Tax class ( Latest 2024 / 2025 ) Actual Questions and Answers 100% Correct
- Course
- Institution
HRB Tax class ( Latest 2024 / 2025 ) Actual Questions and Answers 100% Correct
[Show more]
Content preview
HRB Tax classBy ExamNavigator
, HRB Tax class
1. Ch 1: Earned Income
Answer: Any income (wages/salary) that is generated by working.
2. Social security
Answer: A federal insurance program funded by taxpayer dollars that provide benefits to
people who are retired, unemployed, or disabled: 6.2% of income.
3. income tax
Answer: Taxes paid out by anyone who earns an income.
4. federal income tax
Answer: Used to support government programs such as militarydefense and public services.
5. state income tax
Answer: Used to support protection, roads and social services.
6. Form W-4 (Employee's Withholding Allowance Certificate)
Answer: A federal tax formfilled out by an employee to indicate the amount that should be
withheld from his/herpaycheck for taxes.
7. tax liability
Answer: Total amount of taxes that you owe
8. tax evasion
Answer: Willful failure to pay taxes.
9. tax audit
Answer: An examination of an individual's tax returns by the IRS to verify incomeand
deductions are accurate.
10. Form W-2 (Wage & Tax Statement)
Answer: Summary of the income you earned duringthe year and all amounts the employer
withheld for taxes.
11. Medicare
Answer: Federal health insurance program for people who are 65 or older andcertain younger
people with disabilities.
12. excise tax
Answer: Tax on specific goods such as gas, air fare and cell service
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ExamNavigator. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
81177 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
