Please Define the Following Key Terms

question 71

Short Answer

Please define the following key terms.
-Defense of the Realm Act

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Definitions:

AGI

Adjusted Gross Income, which is total income minus specific deductions, serving as a determinant for various tax credits and deductions.

Pension Plan

A type of retirement plan that typically provides retirees with a fixed payout upon retirement, funded by employer, employee contributions, or both during their employment years.

Coverdell Education

A savings account designed specifically for paying education expenses, with tax advantages, for a designated beneficiary.

AGI

Adjusted Gross Income, which is the total gross income minus specific deductions allowable by the IRS, forming the basis for calculating taxable income.