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Hr Block Test Questions And Answers With Verified Solutions Rated A.
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Hr Block Test Questions And Answers With Verified Solutions Rated A.
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Hr Block Test Questions And Answers With Verified Solutions Rated A+ A tax returner or claim for refund requiring a paid tax return preparer to determine eligibility for EITC, CTC/ODC/ ACTC, AOTC, and the head of household filling status may be subject to a maximum penalty, totaling what amount for failure to meet due dilig ence requirements if all four are claimed on a single tax return? - ANSWER a,$2,120 the deduction for state and local income taxes is limited to what amount? - ANSWER a. $10,000 ($5,000 if MFS). A married couple who materially participate in the operation of a jointly owned business may elect for each spouse to file their own Schedule C, with each reporting their respective amounts of income, loss, and deductions. This known as what? - ANSWER C. A qualified joint venture Stock owned by an ind ividual would be classified as what type of property? - ANSWER a. Intangible personal, investment -use property Which of the following is not deductible on Schedule A? - ANSWER C. Federal taxes withheld. Which of the following types of property m ay be depreciated? - ANSWER d. a copier purchased by a tax preparation office. a taxpayer who actively participates in a rental real estate activity may, in many cases, deduct up to what amount of rental losses against any other kind of income? - ANSW ER a. 25,000 A sole proprietor who computes self -employment tax should be filling what form? - ANSWER b. Schedule SE. An employee tells their employer how much income tax to withold from their taxable wages by completing what form? - ANSWER C . Form W -4. The IRS may assess penalties on taxpayers for which of the folllowing? - ANSWER d. All of the Above Which of the following best describes gross income? - ANSWER a. all income from whatever source derived, unless excluded from taxation by law Which of the following best describes earned income? - ANSWER c. Income received for services, performed, including wages, commissions, tips, and generally, farming and other business income. Which of the following taxpayers is not required t o file a federal tax return for 2019? - ANSWER d. Ron (66) and sue (64) have gross income of $ 25,250. they wish to file a joint return In 2019, Jennfier's (27) brother, jim (18), her fiancee Steve(29) and her daughter, Kim (5) lived with her for the entire year. Jennfier's AGI is $27,800, Jim's AGI is $5,050, Steve AGI is $4,0050, and Kim had no icome. Jim and Kim did not provide over 50% of steve's support. Jennifer quailties and files as head of household in 2019. How many qualifying dependents can jennfier claim on her return? - ANSWER c. Three Which of the following items is included in federal gross income? - ANSWER d. Unemployment compensation. Which of the following items is not included in federal gross income? - ANSWER B. Federal income tax refunds Which of the following taxpayers is not required to file a federal income tax return for 2019? - ANSWER b. Elizabeth (68) has gross income of $12,250. she is single and has no dependents Mike is single and has a taxable income of $17,405. His amount of tax from the 2019 Tax tables is - ANSWER c. $1,897. Adrian is married filing separatly, and has a taxable income of $26,100. His amount of tax from the 2019 tax tables is - ANSWER c. $2,941. Which of the following is not one of the five quailfying child tests a taxpayer must meet their child to be considered their dependent? - ANSWER a. Gross income test. Marissa and lucius were married 18 years ago. They had one child, Matthew (13.) luciuis pased away in 2015 . Marissa did not remary. Marissa and mathhew lived together all year long, and no one else lived with them. Matthew had no income in 2019. Marissa paid 100% of the cost of the maintaining their home. What is the most benefical 2019 filing status for Maris sa? - ANSWER a. Head of household. Brian had dividened income reported on Form 1099 -DIV. Brian would be required to file a form 1040, schedule B, when his dividened income exceeds of which of the following households? - ANSWER b. $1,500. Which of the following taxpayers is not required does not quailfy to deduct qualified educator expenses? - ANSWER C. Gaylene is a high school substitute teacher in her local school district. She worked 1,040 hours in 2019. She speny $590 home schooling, her fi fth- grade daughter jodie. She spent $230 on supplies used in various classrooms. she reimbursed for the supplies. What is the maximum deduction allowed for quailifed student loan interest? - ANSWER b. $2,500. Which of the following expenses quailifi es for an education credit in 2019? - ANSWER a. tutition payments?, the taxpayer didn't receive scholarships, grants, or other nontaxable benefiets Which of the following taxpayers is not able to claim the Child and Dependent Care Credit? - ANSWER c. Sideny and Stella Anderson have a dependent daughter, Andera (8). Sideny works full -time, and Stella is extensively involved in charity work. They paid the Daily Child Care Center to take care of Andrea while Stella volunterred for various charitable o rganizations. What is the maximum amount of the America Opportunity Tax Credit a taxpayer could receive? - ANSWER d. $2,500 The Child and the Dependent Care Credit? - ANSWER d. Never completely phases out.The benefits of buying summaries with Stuvia:
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