Hr Block Vocab Ch 1-6 Exam Questions And Answers

Medicare Part B {Ans: Medicare insurance for qualifying individuals who are age 65 or older or disabled. Medicare Part B covers certain doctors' services, outpatient care, medical supplies, and preventive services. Most participants pay a monthly premium for this coverage, which is generally withheld from social security benefits. The average premium for 2017 is $109 per month ($1,308 for the entire year). The premium is higher if the annual income is more than $85,000 ($170,000 if MFJ).}Income {Ans: 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.}Itemized Deductions {Ans: Certain personal expenditures allowed by the Tax Code as deductions from adjusted gross income. Examples are certain medical expenses, qualified interest on home mortgages, and charitable contributions. Itemized deductions are reported on Form 1040, Schedule A. A taxpayer who itemizes deductions may not claim the standard deduction.}Personal Property Tax {Ans: An annual