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Social Security
A government system that provides financial assistance to people with an inadequate or no income, particularly in retirement, disability, or survivorship.
Wage Limitation
A cap on the amount of wages that can be considered for certain tax calculations or benefits, such as Social Security taxes.
Standard Deduction
A fixed dollar amount that reduces the income on which you are taxed, varying by filing status and adjusted annually for inflation.
Dependent
A person who relies on another, especially a family member, for financial support and qualifies for potential tax benefits.
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