Given That Members of Congress Often Lack Technical Expertise in Particular

question 82

Short Answer

Given that members of Congress often lack technical expertise in particular policy areas, they depend on lobbyists to supply them with __________.

Analyze how savings bond interest exemption is affected by modified AGI and filing status.

Recognize various income items and their reporting requirements on tax returns.

Distinguish between taxable and non-taxable income types, including corporate dividends and social security benefits.

Comprehend the tax treatment of bartering and exchanged services.

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Definitions:

Accountable Plan

This is an IRS-recognized plan that allows businesses to reimburse employees for work-related expenses tax-free, provided certain conditions are met, such as business connection and adequate accounting.

Taxable Fringe Benefits

Benefits provided by an employer to an employee, which are considered taxable income for the employee, such as personal use of a company car.

FUTA Tax

Federal Unemployment Tax Act tax, a payroll tax paid by employers to fund state workforce agencies and unemployment insurance for workers who have lost their jobs.

State Unemployment Taxes

Taxes imposed by state governments on businesses based on the amount of wages paid to employees, used to fund unemployment compensation benefits for workers who have lost their jobs.