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H&R Block Chapter 1 Exam Questions With Solutions Are Social Security benefits taxable income? may be included in taxable income. Benefits are included in the taxable income (to the extent they are taxable) of the person who has the legal right to receive the benefits. You will learn more ab...

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  • October 19, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • hr block chapter 1 exam questions with solutions

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H&R Block Chapter 1 Exam Questions With
Solutions

Are Social Security benefits taxable income? may be included in taxable income. Benefits

are included in the taxable income (to the extent they are taxable) of the person who has the legal

right to receive the benefits. You will learn more about social security benefits when you read

about retirement distributions.




Are disability retirement benefits earned income? qualify as earned income until the

taxpayer reaches minimum retirement age. Minimum retirement age is the earliest age the

taxpayer could have received a pension from their employer or an annuity if they did not have

the disability. Social security disability payments, Social Security Disability Insurance (SSDI)

payments, and military disability pension payments are not considered earned income.




Mary Moore earned $95,000 as vice president of a local bank. Mary also earned $750 of interest

from a certificate of deposit from the same bank where she worked. How much is Mary's gross

income? $95,750




Mary Moore earned $95,000 as vice president of a local bank. Mary also earned $750 of interest

from a certificate of deposit from the same bank where she worked. How much is Mary's

unearned income? $750

, H&R Block Chapter 1 Exam Questions With
Solutions
What are fringe benefits? include sick leave, vacation pay, company cars, pension plans,

and health plans that provide additional compensation to employees beyond base wages.

Cafeteria-style fringe benefits plans let employees choose the benefits they want, up to a certain

dollar amount. They are not taxable.




Are gifts and inheritances included in gross income? No




Are royalties included in gross income? Yes




Are certain foster care payments included in gross income? No




Is income in respect of a decedent include in gross income? Yes




Is income from life insurance and endowment contracts included in gross income? Yes




Are certain alimony and separate maintenance payments included in gross income? Yes




Is distributive share of partnership gross income included in gross income? Yes

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