Why Is Your Filing Status Important

question 2

Multiple Choice

Why is your filing status important?

• A)Because it determines your tax bracket and therefore the amount you must pay; your tax bracket is determined by marital status,number of children,occupation,and other factors.
• B)It helps determine your standard deductions.
• C)It has no effect on your taxes.
• D)A and B

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Definitions:

QBO

Stands for QuickBooks Online, a cloud-based accounting software used for business accounting and financial management.

Undeposited Funds

Funds that have been received but not yet deposited into the bank account.

Receive Payment

The process of collecting money from customers in exchange for goods or services provided.

Online Bank Transfer

A method used to move money electronically from one bank account to another through internet banking services.