Examlex
The only way that you can have long-term financial security is to not save all of your current income.
Gross Income
The total income received before any deductions or taxes are taken out.
Permitted Deductions
Expenses that can legally be subtracted from one's gross income to reduce the amount of income subject to tax.
Qualifying Child
A child who meets specific IRS criteria, allowing taxpayers to claim certain tax benefits.
Support Test
A criterion used by the IRS to determine if a taxpayer can claim another person as a dependent for tax purposes, based on financial support provided.
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