If Your AGI Is Less Than $100,000 and You Do

question 137

True/False

If your AGI is less than $100,000 and you do not itemize deductions,the IRS will compute your taxes for you.

---

Definitions:

State And Local Taxes

Taxes imposed by individual states, counties, or municipalities within a country, in addition to federal taxes.

Call Option

A financial contract that gives the holder the right, but not the obligation, to buy a stock, bond, commodity, or other assets at a specified price within a specific time period.

Specified Exercise Price

The predetermined price per share at which the holder of an option can buy (call option) or sell (put option) the underlying security.

Specified Expiration Date

The predetermined date on which an options or futures contract expires, determining the last day it can be exercised or traded.