H&R BLOCK

H&R block Exam Questions With Solutions credit score A rating used by credit reporting companies to help lenders decide whether and/or how much credit can be extended to a borrower. creditworthiness a measure of your ability and willingness to repay a loan credit card a small plastic card issued by a bank, business, etc., allowing the holder to purchase goods or services on credit. debit card a card (usually plastic) that enables the holder to withdraw money or to have the cost of purc...

H&R Block Income Tax Course Chapter 6 Pg 6.6 Exam Questions With Solutions If the taxpayer paid premiums for a qualified long-term care insurance contract, they may be able to? Deduct all or part of these insurance premiums based on their age To see the amount a taxpayer may deduct for qualified long-term care insurance contract premiums? See IRS Publication 502, Medical and Dental Expenses, page 11

H&R Block Income Tax Course Exam Questions With Solutions Tax Professional knowledge requirement Tax Preparers are responsible for knowing the tax law and using that knowledge to ensure that the correct questions are asked to get all the relevant facts as they apply to each EIC return. Does this make sense? - Tax Professional must not know or have reason to know that any information used by the Tax Professional in determining the taxpayer's eligibility for, or the amount of, the EI...

H&R Block Income Tax Course Exam Questions With Solutions Exemption from Withholding Status claimed on Form W-4 directing the employer not to withhold federal income taxes from the employee. Underpayment Penalty If a taxpayer did not pay enough tax on a timely basis during the year, he may be required to pay an underpayment penalty. Withholding Allowances An increase by which income tax withholding on certain income is reduced. Two Ways to Pay as You Go Withholding and Estimated Tax P...

HR BLOCK Final Test Review (ITC 2022) Exam Questions With Solutions When dependent care benefits are withheld from a taxpayer's income, where are they reported by the employer? Form 2441. Form 1040. Box 10 of Form W-2. The employer is not required to report them. Box 10 of Form W-2. All of the following are due diligence requirements a tax preparer must meet for EIC, AOTC, CTC/ODC/ACTC, and HOH, EXCEPT: Investigate and verify the accuracy of information the taxpayer provides to sh...

Hr Block Income Tax Course 1-6 Exam Questions With Solutions Community property based on Spanish Civil law income received for services performed is considered to belong half to the spouse and half to the other spouse. British common law Most states regarding the ownership and property are based on British common law, these are known as separate property states. in separate property states, income received belongs to the spouse who earned it or who owns the property that produced the ...

HR Block Review Exam Questions With Solutions Dec 31 Marital status determined Earned Income Tax Credit Investment income limit $3500 No QC age 25-65 Max credit $6431 with 3+ QC QBI Deduct 20% of individuals qualified gross business income MFS minimum requirement to file = $5 Qualifying Relative 1. Not a QC 2. Relationship/Household 3. Gross Income 4. Support

HR Block Test Exam Questions With Solutions Which of the following types of property may be depreciated? 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? a. 25,000 A sole proprietor who computes self-employment tax should be filling what form? b. Schedule SE. An employee tells their employer how much income tax to with...

Hr Block Vocab Ch 1-6 Exam Questions With Solutions Exemption An amount ($4,050 for 2017) allowed by law as a reduction of income that would otherwise be taxed. See also Personal and Dependency Exemptions. Federal Income Tax Withheld the amount taken out of income by the payer and submitted to the IRS as an advance payment of the taxpayer's federal income tax. Gross Income Total worldwide income received in the form of money, property, or services that is subject to tax

Hrb Final Exam Questions With Solutions Where on the tax form can you find the regular standard deduction amounts? Line 22 on 1040A, In the left margin at the top of the page 2 of forms 1040 and 1040A. Look at actual form to look for line How much is added to the standard deduction if the taxpayer (or spouse is age 65 or older, or blind? $1550 if unmarried, $1250 if married What is the personal exemption amount for 2016? $4,050 What two amounts are combined to make up the gross income ...