There Was a Dramatic Increase in the Price of Oil

question 102

Multiple Choice

There was a dramatic increase in the price of oil in:

• A) the early 1970s.
• B) the early 1980s.
• C) the early 1990s.
• D) the late 1990s.

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Definitions:

Head of Household

A filing status for tax purposes that provides higher standard deductions and lower tax rates for individuals who are unmarried and support dependents.

Taxable Income

The amount of income that is used to calculate an individual's or a company's income tax due. It is the gross income minus deductions and exemptions allowed by the tax code.

Adjusted Gross Income (AGI)

The total gross income minus specific deductions defined by the IRS, used to determine taxable income.

Qualifying Relative

A term used in tax law to describe someone who doesn’t have to live with the taxpayer all year but must meet certain financial support and income criteria to be claimed as a dependent.