Key Terms Instructions: Please Define the Following Key Terms

question 6

Essay

Key Terms Instructions: Please define the following key terms. Show Who? What? Where? When? Why Important?
Stoicism

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Definitions:

Personal Exemption

A deduction allowed by the IRS for taxpayers, their spouses, and dependents, significantly reduced to $0 for tax years 2018 through 2025 under the Tax Cuts and Jobs Act.

Dependent

An individual, often a child or spouse, who relies on another person for financial support and can qualify the provider for tax exemptions.

Federal Individual Income Tax

A tax levied by the IRS on the annual earnings of individuals, estates, and trusts.

1040ES

Form 1040-ES is used by taxpayers to estimate their taxes for the year and make quarterly payments. It is typically used by self-employed individuals or those without sufficient tax withholding.