For Each of the Following, Identify in Column 1 the Category

question 79

Essay

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, in Column 3 the financial statement on which the account balance is reported, and in Column 4 the nature of the account (permanent/temporary).
- $$\begin{array} { | l | l | l | l | l | } \hline & \text { Column } 1 & \text { Column } 2 & \text { Column } 3 & \text { Column } 4 \\\hline \text { Payroll Cash } & & & & \\\hline\end{array}$$

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Definitions:

Above-the-line Deduction

A deduction from gross income that can be taken without itemizing deductions, reducing adjusted gross income, and available to all taxpayers who qualify.

Moving Expenses

Costs incurred by an individual or household for relocating to a new residence, which can sometimes be deducted for tax purposes if they are related to starting a new job.

Qualified Education Loans

Loans taken out exclusively for paying higher education expenses that are eligible for certain tax benefits.

Deduction Limit

The maximum amount that can be deducted from taxable income for various expenses or contributions, set by tax regulations.