Examlex
Please define the following key terms.
- Party of International Revolution
Married Person
A tax filing status for individuals who are legally married, affecting tax brackets, allowances, and potential deductions.
Tax Liability
The total amount of tax owed to a taxing authority, such as the IRS, based on taxable income and tax rate.
Personal and Dependency
Terms related to exemptions that can be claimed on tax returns for oneself and for dependents, affecting taxable income.
Exemption
Deductions allowed by law to reduce taxable income based on the taxpayer and dependents.
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