INSTRUCTIONS: Choose the Word or Phrase in [ ] Which

question 75

Multiple Choice

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement.
-It [is | is not] possible to avoid most risks in your life.

• A)for the first item
• B)for the second item
• C)if neither item will correctly complete the statement.

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Definitions:

Standard Deduction

A fixed amount deducted from a taxpayer's income to reduce taxable income, not requiring itemization.

Taxable Income

The amount of income that is subject to taxation, after all deductions and exemptions are factored in.

Itemized Deductions

Potential reductions to income allowed for certain payments made during the tax year.

Taxable Income

The portion of one's income that is subject to taxes, determined by subtracting allowable deductions and exemptions from the gross income.