Because Finance Companies Do Not Accept Deposits, They Do Not

question 32

True/False

Because finance companies do not accept deposits, they do not have bank regulators providing oversight of their activities.

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Definitions:

Taxable Income

The amount of income used to calculate how much the tax will be for an individual or a corporation, after all deductions and exemptions.

Tax Liability

The total amount of tax owed to the IRS by an individual or business for a given tax year.

Income Tax Formula

The calculation used to determine the amount of income tax that an individual or entity owes to the government.

Taxpayers

Persons or organizations required to remit taxes to a government at the federal, state, or local level.