​The Process of Specifying How the Components of the New

question 39

Short Answer

​The process of specifying how the components of the new system should be implemented is called ________.

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Definitions:

AGI Amounts

AGI Amounts, or Adjusted Gross Income Amounts, represent an individual's total gross income minus specific deductions, used to determine how much of their income is taxable.

American Opportunity Tax

A credit designed to help students with costs of higher education by reducing taxes or increasing a tax refund.

Credit

A direct reduction of tax owed, not just a reduction of taxable income, which can also refer to borrowing capacity in financial contexts.

Credit for the Elderly

A tax credit available to taxpayers aged 65 and older, aimed at reducing the tax liability for qualified individuals.