The Deduction for Personal and Dependency Exemptions Has Been Suspended

question 39

True/False

The deduction for personal and dependency exemptions has been suspended from 2018 through 2025.

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Definitions:

Compounded Annually

Interest on an investment that is calculated at the end of the year on both the initial principal and the accumulated interest from previous periods.

Invests

The initiative of funneling financial capitals in order to gain profits or generate income.

Trust Fund

A legal arrangement where assets are held and managed by one party for the benefit of another, often used for inheritance, to manage charity donations, or to protect assets.

Interest Rate

The fraction of a loan incurred as interest by the borrower, commonly indicated as a yearly percentage.