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The Basic and Additional Standard Deductions Both Are Subject to an Annual

question 20

True/False

The basic and additional standard deductions both are subject to an annual adjustment for inflation.


Definitions:

Poverty

A state of having insufficient financial resources to meet basic living needs such as food, shelter, and clothing.

Middle-Class Parents

Parents who belong to the socio-economic group characterized by average income, education level, and occupational prestige.

Birth

The act or process of bearing or bringing forth offspring from the uterus, marking the beginning of a new individual's life outside the mother's body.

Money

An official currency, in the form of banknotes and coins, used as a medium of exchange, unit of account, and store of value.

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