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Distinguish between the concepts of velocity and acceleration,using a bowling ball's behavior as an example for each.
Modified AGI
Adjusted Gross Income with certain deductions and exclusions added back in, used to determine eligibility for certain tax benefits.
Adjusted Gross Income
An individual's total gross income minus specific deductions allowed by the IRS, used to determine tax liability.
Deduction
An expense that can be subtracted from gross income to reduce the taxable income.
Imputed Interest Rules
Regulations set by the IRS to assign a reasonable interest rate to financial transactions that do not state their own interest or whose interest is deemed insufficient.
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