Although Most Statutory Enactments Relating to Employment Are Federal Laws,state

question 46

True/False

Although most statutory enactments relating to employment are federal laws,state statutes sometimes cover areas of employment law.

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Definitions:

Churches

Religious organizations that may enjoy certain tax exemptions and benefits under IRS guidelines.

Investment Interest Expense

Interest paid on loans used to purchase taxable investments, potentially deductible up to the amount of net investment income.

Net Investment Income

The profit or loss derived from investments such as stocks, bonds, mutual funds, and other investment properties, after related expenses are subtracted.

Deduction

An expense that can be subtracted from an individual's gross income to reduce the amount of income subject to tax.