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Identify/define and explain the significance of the following: Theodoric.
Married Taxpayers
Individuals who are married and may choose to file joint or separate income tax returns.
Filing Jointly
A tax filing status that allows married couples to file their taxes together, combining their income and deductions, potentially leading to lower tax liability.
Tax Credit
An amount subtracted from the income tax owed; the most popular credits are the Child Care Tax Credit and the Earned Income Credit.
Taxable Income
The amount of an individual's or corporation's income used to determine how much tax is owed, calculated as gross income minus deductions and exemptions.
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