Examlex
Which of the statements concerning the compound below is INCORRECT?
Taxable Income
The amount of an individual's or corporation's income that is subject to taxes, after deductions and exemptions.
Standard Deduction
A fixed amount that reduces the income on which you are taxed, which the IRS allows taxpayers to subtract from their gross income to reduce taxable income.
Joint Return
A tax return filed jointly by a married couple, combining their incomes, deductions, and credits.
Taxable Income
The amount of an individual's or entity's income used to determine how much tax is owed to the government.
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