Examlex
Explain why labor might not always be a variable input.
Property Taxes
Taxes assessed on real estate by the local government, based on the property's value.
Taxable Income
The amount of income on which the income tax is determined.
Standard Deduction
A set amount that reduces the income subject to tax, which taxpayers can claim on their tax return, as an alternative to itemizing deductions.
Exemption
A deduction allowed by law to reduce the amount of income that would otherwise be taxed.
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