H&R Block Quiz Ch's 1-5 Questions And Answers

H&R Block Quiz Ch's 1-5 Questions And Answers
What is Gross Income?✔✔- Any money that you made or worked for that is
subject to tax. Also, all world-wide income from whatever source derived,
unless specifically excluded from taxation by law.
( Money realized in any form whether in money, property, or services.)
Income✔✔Financial gain derived from labor(work), capital (money), or a
combination of the two. The financial gain derived from labor is generally
referred to as "wages".
What is Earned Income?✔✔Financial gain "that is" received for "services
performed." Some examples of this include wages, commissions, tips, and
generally, farming and other business income.
What is unearned income?✔✔- Dividends, interests, unemployment that can
still be considered taxable income. (Money received for investment of money
or other property such as interest, dividends, rents, and royalties).
Gross Income Included or Not ? ?
a. Unemployment. Inc.
b. Interests on a state or local bond- No. (Pg. 1.10 There's a Chart)
c. Salary income- Yes.
d. Federal income tax refund- No.
e. Dividind income reported on a 1099 DIV? Yes.✔✔Gross Income Included or
Not ? ?
a. Unemployment.
b. Interests on a state or local bond- (Pg. 1.10 There's a Chart)
c. Salary income-

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