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Contest administrators should:
Taxable Income
The amount of income used to determine how much tax an individual or business owes, after deductions and exemptions.
Statutory Source
Legal authority for certain rules or regulations; in the context of tax, it refers to laws enacted by a legislative body that dictate tax obligations.
Tax Authority
The governmental agency responsible for the administration of tax laws, collection of taxes, and enforcement of tax regulations.
Internal Revenue Code
The federal statute that codifies all the United States tax laws, including income tax, payroll tax, gift tax, estate tax, and many other types of taxes.
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