Examlex
What degree would a student who wanted to teach in a university setting be MOST likely to obtain?
Personal Exemption
A deduction allowed by the IRS from taxable income for the taxpayer and each qualified dependent, diminishing until eliminated in tax year 2018 under the Tax Cuts and Jobs Act.
AGI
Adjusted Gross Income; an individual's total gross income minus specific deductions, used to determine taxable income.
Dependent
An individual, typically a child or family member, whose maintenance and support can be claimed as a deduction by another, usually for tax purposes.
Head of Household
A tax filing status for individuals who are unmarried or considered unmarried, provide more than half of the household expenses, and have a qualifying person living with them.
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