Examlex
Based on his observations of cats in puzzle boxes, Thorndike concluded that:
Exemption
Information included on tax forms that lowers taxes; exemptions include dependents as well as the taxpayer.
Taxable Income
The portion of income used to calculate how much tax an individual or a corporation owes to the government, after all deductions and exemptions.
Taxpayer
An individual or business entity that is obligated to make payments to governmental authorities in the form of taxes.
Tax Tables
Charts or tables provided by tax authorities that display tax rates and brackets for calculating taxes owed based on income levels.
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