A Personal Allowance

question 22

Multiple Choice

A personal allowance:

• A)amounted to $2,000 in 2019.
• B)may be claimed to reduce the amount of withholdings from the employee's earnings.
• C)is indexed for inflation every calendar quarter.
• D)may be claimed at the same time with each employer for whom an employee is working during the year.
• E)for one person is a different amount for a single versus a married taxpayer.

---

Definitions:

Homeowner's Insurance

Insurance coverage that protects against damages to a person's home and possessions within the home, along with liability coverage for accidents that happen at the home or at the hands of the homeowner within the policy territory.

Interim Home Damage Coverage

Temporary insurance protection for damages to one's home, typically used until permanent insurance takes effect or repairs are completed.

Beneficiary

An individual or entity entitled to receive benefits or assets under the terms of a will, insurance policy, retirement account, trust, or other contract.

Life Insurance

Life insurance is a contract between an insurer and a policy holder designed to pay a designated beneficiary a sum of money upon the death of the insured person, offering financial protection to beneficiaries.