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H & R Block Midterm Review Questions And Answers With Verified Solutions Already Passed Rated A+
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H & R Block Midterm Review QuestionsAnd Answers With Verified Solutions
Already Passed Rated A+
1. Which of the following types of income does NOT need to be reported on a
federal tax return?
A.) Most medical insurance payouts
B.) Worker's compensation for job-related injuries
C.) Welfare assistance
D.) Unemployment benefits
Answer: D.) Unemployment benefits
2. Which of the following represents earned income?
A.) Bank interest
B.) Unemployment benefits
C.) Farming income
D.) Gambling winnings
Answer: C.) Farming income
3. Which of the following correctly rounds these numbers: $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
Answer: B.) $31, $144, $369, $1,548
4. The tax on wages under $100,000 is determined by:
A.) Tax tables
B.) Tax calculation worksheet
C.) Qualified dividends and capital gains worksheet
D.) Schedule D tax worksheet
Answer: A.) Tax tables
, 5. Employers use which form to report employee wages?
A.) Form W-2
B.) Form W-4
C.) Form 1098-T
D.) Form 1099-R
Answer: A.) Form W-2
6. Nathan Bayer is a single filer with $57,474 in taxable income for 2018. What
is his federal income tax?
A.) $5,749
B.) $6,898
C.) $8,584
D.) $12,644
Answer: C.) $8,584
7. Which three factors determine the filing requirement for non-dependents?
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
8. The standard deduction on a tax return is determined by:
A.) Citizenship
B.) Residency
C.) Filing status
D.) Gross income
Answer: C.) Filing status
9. To qualify for head of household filing status, a taxpayer must maintain a
home for:
A.) A dependent child, qualifying relative, or parent
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