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H&R Block Chapter 1 Definitions fully solved graded A+ 2023 passed $12.99   Add to cart

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H&R Block Chapter 1 Definitions fully solved graded A+ 2023 passed

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H&R Block Chapter 1 DefinitionsAdjusted gross income Adjusted gross income equals gross income less reductions that are allowable, regardless of whether personal deductions are itemized. Deductions Amounts that may be subtracted from income that is otherwise taxable. Earned income ...

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  • October 8, 2023
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H&R Block Chapter 1 Definitions
Adjusted gross income - correct answer Adjusted gross income equals gross income less reductions that are allowable, regardless of whether personal deductions are itemized.
Deductions - correct answer Amounts that may be subtracted from income that is otherwise taxable.
Earned income - correct answer Income from personal services as distinguished from income generated by property or other sources. Earned income includes all amounts received as wages, tips, bonuses, other employee compensation, and self-employment income, whether in the form of money, services, or
property.
Federal income tax withheld - correct answer 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 - correct answer Total worldwide income received in the form of money, property, or services that is subject to tax.
Income - correct answer The word "income," in its broad sense, is the gain derived from capital, labor, or a combination of the two. It is distinguishable from the capital itself. Ordinarily, for income tax purposes, the word "income'' is not used alone. Rather it is used within such descriptive terms as gross income, taxable income, and adjusted gross income, all of which are defined elsewhere in this glossary.
Medicare Part A - correct answer Medicare insurance for qualifying individuals who are age 65 or older or disabled. Medicare Part A covers hospital expenses, care in a skilled nursing facility, hospice care, and some health care. Most participants do not pay a monthly premium for this coverage if they or their spouse paid medicare taxes while working.
Nonrefundable credits - correct answer A direct reduction of tax liability allowed for various purposes to taxpayers who meet the qualifications. Some credits are refundable; that is, the IRS will send the taxpayer a refund for any amount in excess of the tax liability. Some credits are nonrefundable; that is, they can only reduce tax liability to zero. Some credits may be carried to other tax years.

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