Client Funds Must Always Be Kept in the Attorney's ________

question 20

Short Answer

Client funds must always be kept in the attorney's ________ account.

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Definitions:

Taxable Portion

The part of an income or transaction that is subject to taxes, after exemptions and deductions have been applied.

IRA Distribution

Money that is taken out from an Individual Retirement Account, which may be subject to taxes and penalties depending on the timing and circumstances of the distribution.

Exemptions

Specific deductions allowed by tax regulations that reduce taxable income, often related to dependents or types of income.

Net Check

Net check is the amount of money an employee receives after all deductions, such as taxes and health insurance, have been subtracted from the gross pay.