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H & R Block Midterm Review Questions and Answers

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H & R Block Midterm Review Questions and Answers Some types of income do not need to be reported anywhere on a federal tax return. This includes all of the following EXCEPT: A.) Most medical insurance proceeds B.) Worker's compensation paid to an employee who was injured on the job. C.) Welfa...

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  • October 23, 2024
  • 27
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
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GraceAmelia
©GRACEAMELIA 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED

FIRST PUBLISH OCTOBER 2024




H & R Block Midterm Review Questions
and Answers

Some types of income do not need to be reported anywhere on a federal tax return. This includes all of

the following EXCEPT:


A.) Most medical insurance proceeds


B.) Worker's compensation paid to an employee who was injured on the job.


C.) Welfare benefits


D.) Unemployment compensation - Ans:✔✔-D.) Unemployment compensation


Which of the following is considered earned income?


A.) Interest from a bank account.


B.) Unemployment compensation


C.) Income from farming


D.) Gambling Winnings - Ans:✔✔-C.) Income from farming



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, ©GRACEAMELIA 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED

FIRST PUBLISH OCTOBER 2024




Which of the following shows these numbers rounded correctly: $31.43, $143.57, $369.22, $1,547.88?


A.) $32. $142. $368. $1,547


B.) $31. $144. $369. $1,548


C.) $31. $142. $369. $1,547.


D.) $32. $144. $368. $1,547 - Ans:✔✔-B.) $31. $144. $369. $1,548


The tax on income that comes entirely from wages under $100,000 is determined according to the?


A.) Tax tables


B.) Tax computation worksheet


C.) Qualified dividends and capital gains worksheet


D.) schedule D tax worksheet - Ans:✔✔-A.) Tax tables


Which form is used by employers to report wages earned by their employees?


A.) Form W-2


B.) Form W-4


C.) Form 1098-T




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, ©GRACEAMELIA 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED

FIRST PUBLISH OCTOBER 2024




D.) Form 1099-R - Ans:✔✔-A.) Form W-2


Nathan Bayer is a single taxpayer. His 2018 taxable income was $57,474. What is Nathan's 2018 federal

income tax?


A.) $5,749


B.) $6898


C.) $8584


D.) $12,644 - Ans:✔✔-C.) $8584


Which of the following three factors determine the filing requirement for nondependents?


A.) Marital status, age, and residency.


B.) Marital status, age, and gross income


C.) Marital status, age, and taxable income


D.) Marital status, age, and total deductions. - Ans:✔✔-B.) Marital status, age, and gross income


The standard deduction on an income tax return is determined by:


A.) Citizenship


B.) Residency

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