Instructions: Identify the Following

question 89

Essay

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. Francis Drake

---

Definitions:

State Tax

A tax imposed by a state on earned income, business profits, property, sales, etc., that varies from state to state.

Itemized Deduction

Expenses listed separately that can be deducted from adjusted gross income to reduce taxable income, including medical expenses, taxes paid, interest, charitable contributions, and certain job-related expenses.

Constructive Receipt

This refers to the point at which an individual has access to, or control over, income, thus making it taxable, even if the income has not been physically received.

Compensation

Payment or salary received for services rendered or work done.