HR Block Income Tax Midterm Exam (New 2024/ 2025 Update) Questions and Verified Answers| 100% Correct| Graded A

HR Block Income Tax Midterm Exam (New 2024/ 2025 Update) Questions and Verified Answers| 100% Correct| Graded A QUESTION Taxpayers who receive Form 1099-DIV showing that they received qualified dividends must complete which of the following forms to compute their tax? D Answer: a) Schedule J. b) Schedule B. c) Schedule D Tax Worksheet. d) Qualified Dividends and Capital Gain Tax Worksheet QUESTION For 2017, how much is the standard deduction for a single taxpayer? B Answer: a) $4,050 b) $6,350 c) $9,350 d) $12,700 QUESTION Unearned income is all of the following except: C Answer: a) Interest. b) Dividends. c) Wages. d) Alimony QUESTION For 2017, what is the gross income filing requirement for a single taxpayer under the age of 65? A Answer: a) $10,400 b) $11,950 c) $20,800 d) $23,300 QUESTION Which of the following is unique to Form 1040EZ? D Answer: a) It is for single taxpayers only. b) It is for taxpayers whose taxable income exceeds $100,000. c) It is for taxpayers who are not claiming any credits. d) It is for taxpayers who do not claim any dependents or adjustments to income. QUESTION Taxpayers who are blind and/or age 65 or older are eligible for a higher: B Answer: a) Personal exemption amount. b) Standard deduction. c) Earned Income Tax Credit. d) Medical expense deduction QUESTION 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. Answer: B.) Marital status, age, and gross income QUESTION The standard deduction on an income tax return is d