Choose Two of the Social Classes Listed Below and Describe

question 143

Essay

Choose two of the social classes listed below and describe the characteristics of its members.
Upper class
Middle class
Lower middle class/working class
Working poor
Underclass/permanent poor

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Definitions:

Standard Deduction

A fixed dollar amount that reduces the income on which you're taxed, varying by filing status, and claimed by those not itemizing deductions.

AMT Adjustments

Modifications required under the Alternative Minimum Tax rules to calculate certain items of income and deductions differently than for regular tax purposes.

Tax Preferences

Certain types of income or deductions that receive preferential tax treatment, affecting the calculation of alternative minimum tax (AMT).

Passive Activities

Economic engagements, such as rental activities or businesses in which the taxpayer does not actively participate, often with specific tax rules.