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Standard Deduction
A fixed dollar amount that reduces the income on which you are taxed, varying by filing status and adjusted annually for inflation.
Dependent
A person who relies on another, especially a family member, for financial support and qualifies for potential tax benefits.
Part-Time Job
Employment with fewer hours per week than a full-time job, often offering limited benefits and lower wages.
Interest Income
Income earned from deposit accounts, investments, or loans, often subject to taxation at ordinary income tax rates.
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