Choose the Word or Phrase in [ ] Which Will

question 135

Short Answer

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement.
-The gift tax law allows a person to give gifts up to [$10,000 | $14,000] tax free.

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Definitions:

Compounded Semi-annually

Interest that is calculated and added to the principal twice a year.

Semi-annual Payments

Payments made twice a year as a part of a financial agreement or loan.

Loan

Borrowed money that is expected to be paid back with interest.

Monthly Withdrawals

Regular amounts of money taken out from an account or investment every month.