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HRB Tax class ( Latest 2024 / 2025 ) Actual Questions and Answers 100% Correct
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HRB Tax class ( Latest 2024 / 2025 ) Actual Questions and Answers 100% Correct
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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
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