Examlex
The standard hourly rate is calculated by dividing the base wage by the standard.
Lifetime Learning Credit
A tax credit available for qualifying tuition and related expenses paid for higher education courses, aimed at promoting lifelong learning.
Qualifying Expenses
Expenses that are approved under tax law as deductible from gross income to reduce taxable income.
AGI Limitations
Thresholds or caps based on Adjusted Gross Income that limit eligibility for certain tax deductions, credits, or benefits.
Credit for The Elderly
A tax credit available to elderly taxpayers or those who are permanently and totally disabled, to reduce their income tax liability.
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