Examlex
Which of the following statements gives an example of coevolution?
Standard Deduction
A fixed dollar amount deducted from an individual's taxable income, reducing the amount of income subject to federal income tax, which varies by filing status and is adjusted annually.
Personal Exemption
A deduction allowed by the IRS from taxable income for the taxpayer and each qualified dependent, diminishing until eliminated in tax year 2018 under the Tax Cuts and Jobs Act.
AGI
Adjusted Gross Income; an individual's total gross income minus specific deductions, used to determine taxable income.
Dependent
An individual, typically a child or family member, whose maintenance and support can be claimed as a deduction by another, usually for tax purposes.
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