https:\/\/learnexams.com\/search\/study?query=HR <\/a><\/p>\n\n\n\nWhich of the following is considered earned income
Earned income is money received for services performed.<\/p>\n\n\n\n
50 cent- 99 cent are rounded up. 1 cent -49 cent is dropped<\/p>\n\n\n\n
Tax on income that comes entirely from wages under 100,000 is determined to the
Tax table<\/p>\n\n\n\n
Tax table are used by taxpayers whos income are less than 100,000.<\/p>\n\n\n\n
Which form is used by employers to report wages earned by their employees
W2<\/p>\n\n\n\n
Which of the following three factors determine the filing requirements ( not residency)<\/p>\n\n\n\n
The standard deduction on an income tax return is determined by
Your Filing Status<\/p>\n\n\n\n
The head of household filing status requires that a taxpayer maintain a household for
One of the requirements for the head of household filing status is that the taxpayer maintains a household for a qualifying child, qualifying relative, or a parent claimed as a dependent on the taxpayer’s return.<\/p>\n\n\n\n
For tax purposes, when is a person’s marital status determined
A person’s marital status for the purposes of a tax return is determined on the last day of the tax year<\/p>\n\n\n\n
Under what circumstances might a taxpayer, who does not meet the federal filing requirement, want to file a federal return anyway
That is correct. The only way to retrieve any withholding or refundable credits is by filing a tax return<\/p>\n\n\n\n
Which of the following is not one of the four requirements to claim a dependent?
A taxpayer is not required to provide 100% of a dependent’s support in order to claim the exemption.<\/p>\n\n\n\n
The five dependency tests – relationship, gross income, support, joint return and citizenship\/residency – continue to apply to a qualifying relative. A child who is not a qualifying child might still be a dependent as a qualifying relative.<\/p>\n\n\n\n
What are the five tests for a qualifying child
The five tests for a qualifying child are relationship, residency, age, support, and joint return.<\/p>\n\n\n\n
What are the four tests for a qualifying relative?
That is correct. The four tests for a qualifying relative are: relationship or member of the household, gross income, support, and not a qualifying child.<\/p>\n\n\n\n
Which of the following is not counted as support?
The cost of life insurance premiums is not an allowable item in determining support.<\/p>\n\n\n\n
How much is the Child Tax Credit worth
That is correct. The Child Tax Credit is worth up to $2,000 per qualifying child<\/p>\n\n\n\n
Assuming all other requirements are met, how long may an eligible surviving spouse file as a qualifying widow(er)?
An eligible taxpayer may claim the qualifying widow(er) status for up to two years following the death of their spouse<\/p>\n\n\n\n
Which form is required when a custodial parent releases their right to claim their child as a dependent to the noncustodial parent
Form 8332 is required when a custodial parent releases their right to claim their child as a dependent to the noncustodial parent.<\/p>\n\n\n\n
To file as head of household, a taxpayer must meet all of the following requirements EXCEPT:
There is no gross income requirement for taxpayers who file as head of household.<\/p>\n\n\n\n
For 2018 tax returns, what is the standard deduction for taxpayers using the head of household filing status
For 2018, the standard deduction for taxpayers using the head of household filing status is $18,000.<\/p>\n\n\n\n
What happens if an individual is the qualifying child of more than one taxpayer?
If an individual is the qualifying child of more than one taxpayer, the tiebreaker rules outlined in the Tax Code apply.<\/p>\n\n\n\n
Taxpayers who have any financial interest in, or signature authority over, a financial account (such as a bank account, securities account, or brokerage account) located in a foreign country may have to report this information by filing:
Taxpayers who have any financial interest in or signature authority over a financial account (such as a bank account, securities account, or brokerage account) located in a foreign country may have to file FinCEN Form 114.<\/p>\n\n\n\n
Which of the following is nontaxable on a federal income tax return?
That is incorrect. Interest from personal loans is taxable<\/p>\n\n\n\n
Tax-exempt interest income
(reportable but not taxable)<\/p>\n\n\n\n
Schedule B is required when interest income exceeds which of the following thresholds?
That is correct. Schedule B is required when interest income exceeds $1,500.<\/p>\n\n\n\n
Taxpayers who receive Form 1099-DIV, showing that they received qualified dividends, must complete which of the following forms to compute their tax (That is incorrect. Schedule B is used to report interest and ordinary dividends.)<\/p>\n\n\n\n
That is correct. For 2018, the standard deduction for a single taxpayer who is not blind and is under age 65 is $12,000.<\/p>\n\n\n\n
Unearned income is all of the following except:
Interest.
Dividends.
Wages.
Alimony
wages<\/p>\n\n\n\n
For 2018, what is the gross income filing requirement for a single taxpayer age 65 or older?
$12,000
$13,600
$24,000
$26,600
That is incorrect. For 2018, $26,600 is the gross income filing requirement for married taxpayers who file jointly and are both age 65 or older.<\/p>\n\n\n\n
Which taxpayer is required to file a tax return for 2018?
Reba, age 65. She is a qualifying widow. Her gross income was $24,500.
Simon, age 26. He is single, and his gross income was $11,500, all from wages.
Raine, age 27. Her filing status is head of household. Her gross income was $17,500, all from wages.
Felipe, age 23. His gross income was $5,750. His filing status is married filing separately.
That is incorrect. A taxpayer under age 65 is not required to file a return if their filing status is head of household, and their gross income is less than $18,000.<\/p>\n\n\n\n
Choose the response that best completes the following sentence. Under the special rules for children of divorced or separated parents, the noncustodial parent may be entitled to:
Claim a higher standard deduction.
Claim the Child Tax Credit.
Claim the Earned Income Tax Credit.
File as head of household.
That is incorrect. Claiming a higher standard deduction is not a benefit granted to a noncustodial parent under the special rules for children of divorced or separated parents<\/p>\n","protected":false},"excerpt":{"rendered":"
HR Block Income Tax Midterm Exam (Latest 2024\/ 2025 Update) Questions and Verified Answers| 100% Correct| Grade A H & R Block Income Tax Midterm Exam(Latest 2024\/ 2025 Update) Questions andVerified Answers| 100% Correct| Grade AQ: Which of the following is not one of the four requirements to claim a dependent? DAnswer:a) The dependent must […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","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-131472","post","type-post","status-publish","format-standard","hentry","category-exams-certification"],"_links":{"self":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts\/131472","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=131472"}],"version-history":[{"count":0,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts\/131472\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/media?parent=131472"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/categories?post=131472"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/tags?post=131472"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}