Instructions: Identify the Following

question 6

Short Answer

Instructions: Identify the following. Be as specific as possible, and include names, dates, and relevant facts as appropriate. Be sure to explain the significance of the person or term.
Zachary Taylor

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Definitions:

AGI

Short for Adjusted Gross Income; it is your gross income after adjustments and deductions, crucial for tax calculations.

Deductible IRA Contribution

A contribution to an Individual Retirement Account that can be subtracted from gross income, reducing taxable income.

Pension Plan

A retirement savings plan provided by an employer which guarantees a specified income to the employee upon retirement.

SIMPLE Plan

A Savings Incentive Match Plan for Employees that allows employees and employers to contribute to traditional IRAs set up for employees, intended for small businesses.