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Match the statements that relate to each other. Note: Choice l. may be used more than once.
a.Available to a 70-year-old father claimed as a dependent by his son.
b.Equal to tax liability divided by taxable income.
c.The highest income tax rate applicable to a taxpayer.
d.Not eligible for the standard deduction.
e.No one qualified taxpayer meets the support test.
f.Taxpayer's ex-husband does not qualify.
g.A dependent child (age 18) who has only unearned income.
h.Highest applicable rate is 39.6%.
i.Applicable rate could be as low as 0%.j.Maximum rate is 28%.k.Income from foreign sources is not subject to tax.l.No correct match provided.
-Territorial system of taxation
Willing To Pay
The maximum amount a consumer is prepared to spend on a good or service, reflecting the perceived value or utility gained from the purchase.
Ticket
A token or voucher that entitles the holder to admission to an event, activity, or service.
Consumer Surplus
the difference between what consumers are willing to pay for a good or service and what they actually pay.
Market Price
The price at which a product or service is sold in the open market, determined by supply and demand.
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