Theresa and Oliver,married filing jointly,and both over 65 years of age,have no dependents.Their 2012 income tax facts are:
What is their taxable income for 2012?
Definitions:
Wage Incentive Plans
Various systems that link pay to performance on production jobs.
Restriction of Productivity
Any factor or practice that limits or hinders the efficiency and effectiveness of production processes, thereby reducing overall productivity.
Piece Rate
A payment method where employees are paid a fixed rate for each unit of production completed, rather than receiving a fixed salary.
Widgets
Generic term used for any hypothetical or generic product, often used in discussions or explanations about manufacturing or economics.
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