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Cassandra got divorced, lost her job, and had to move into a new apartment in a run-down section of town. She believes that these setbacks are temporary as she has the support of her family members and friends. Which of the following is most likely to occur to her?
Standard Deduction
A fixed amount that reduces the income on which you are taxed, which the IRS allows taxpayers to subtract from their gross income to reduce taxable income.
Joint Return
A tax return filed jointly by a married couple, combining their incomes, deductions, and credits.
Taxable Income
The amount of an individual's or entity's income used to determine how much tax is owed to the government.
Standard Deduction
A portion of income that is not subject to tax and can be used to reduce a taxpayer's taxable income.
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