{"id":118112,"date":"2023-09-02T09:07:01","date_gmt":"2023-09-02T09:07:01","guid":{"rendered":"https:\/\/learnexams.com\/blog\/?p=118112"},"modified":"2023-09-02T09:07:03","modified_gmt":"2023-09-02T09:07:03","slug":"hrb-final-exam-with-complete-questions-and-answers-100-correct","status":"publish","type":"post","link":"https:\/\/www.learnexams.com\/blog\/2023\/09\/02\/hrb-final-exam-with-complete-questions-and-answers-100-correct\/","title":{"rendered":"HRB FINAL EXAM WITH COMPLETE QUESTIONS AND ANSWERS (100% CORRECT)"},"content":{"rendered":"\n

HRB FINAL EXAM WITH COMPLETE QUESTIONS
AND ANSWERS (100% CORRECT)
What is the Difference between earned income and unearned income?
Earned income is received for services performed. Examples are wages
commissions, tips and generally farming and other business income . Taxable
income other than that received for services performed. Unearned Income
includes money received ro the investment of money or other property, such as
interest, dividends, and royalties. It also includes pensions alimony,
unemployment compensation and other income that is not earned
If an employee thinks their Form W2 is incorrect, what should they do?
Employee should discuss with employer who issued the document and request a
W2C. If no help from employer, notify IRS. Tax prepaper can then file a substitute.
What information do you need to know to determine whether a taxpayer is
required to file a return?
Gross income, filing status, age and if they are a dependent
For tax purposes, when is a person’s marital status determined?
On the last day of the tax year
Where on the tax form can you find the regular standard deduction amounts?<\/p>\n\n\n\n

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 filing requirments
for most taxpayers?
The standard deduction and the personal exemption amounts
Under what circumstances might a taxpayer be required to file a return even
though they do not meet the gross income filing requirements?<\/p>\n\n\n\n

    \n
  1. Has net employment of $400 or more net self employment 2. You had
    unemployment income you owe medicare Advantage MSA, receive HAS, Archer,
    MSA 3. Reeived an Advanced Premium Tax credit even if they didn’t otherwise
    have a filing requirment for the year *Tips, HSA, SE $400, PTC<\/li>\n<\/ol>\n\n\n\n

    What is the difference between injured spouse allocation and innocent spouse
    relief?
    The difference between injured spouse and innocent spouse is significant in the
    eyes of the IRS. Both release you from an income tax liability arising from a
    “married filing jointly” return but different outcomes. Innocent spouse filed a
    joint return byt was unaware that their spouse deliberately under reported tax
    liability. Injured spouse seeks to protect his or her share of the refund in case it
    gets seized or offset due to the other spouse’s debts or unpaid obligations
    CHAPTER 3: DEPENDENT EXEMPTIONS AND SUPPORT
    What four requirements must be met for an individual to be claimed as a
    dependent
    Must pass the dependent test, joint return test, citizenship, qualifying child or
    relative
    What are the five tests for a qualifying child?<\/p>\n\n\n\n

      \n
    1. Relationship 2. Age 3. Residency 4. Support 5. Joint Return
      How can a married individual meet the joint return test to remain a qualifying
      child?
      They can meet this test by not filing a joint return with their spouse or they can
      file a joint return with their spouse if they are filing only to claim a refund on any
      taxes withheld<\/li>\n<\/ol>\n\n\n\n

      How can you determine who paid more than half of a person’s support?
      Total support is determined and reduced by the funds received by and for the
      person from all sources other than the taxpaer. The remaining support is
      considered to be provided by the taxpayer. Other sources might include
      government support Worksheet for Determining Support
      What happens if an individual is a qualifying child of more than one taxpayer?
      Generally, the custodial parent is the one in which the child spent the most nights
      What happens when more than one taxpayer claims the same qualifying child?
      Tie Breaker Rules apply : 1. The parent, if only one of the persons is the childs
      parent 2. The parent with whom the child lived the longest during the tax 3. The
      parents with the highest AGI if no parent can claim the child as a qualifying child
      What four tests must be met for an individual to be considered a qualifying
      relative?<\/p>\n\n\n\n

        \n
      1. Not be a qualifying child, the person cannot be the taxpayers qualifying child or
        the qualifying child of another taxpayer 2. Relationship: Child, brother, sister, step
        sister, step brother, step father , step mother, in-laws 3. Gross Income: gross
        income must be less than $4050 4. Support: Taxpayer must provide more than
        half the support<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

        HRB FINAL EXAM WITH COMPLETE QUESTIONSAND ANSWERS (100% CORRECT)What is the Difference between earned income and unearned income?Earned income is received for services performed. Examples are wagescommissions, tips and generally farming and other business income . Taxableincome other than that received for services performed. Unearned Incomeincludes money received ro the investment of money or other […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[25],"tags":[],"class_list":["post-118112","post","type-post","status-publish","format-standard","hentry","category-exams-certification"],"_links":{"self":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts\/118112","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/comments?post=118112"}],"version-history":[{"count":0,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts\/118112\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/media?parent=118112"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/categories?post=118112"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/tags?post=118112"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}