The Basic Standard Deduction in 2016 for a Taxpayer,69 and Not

question 102

Multiple Choice

The basic standard deduction in 2016 for a taxpayer,69 and not blind,filing head of household is:

• A)$10,850.
• B)$9,300.
• C)$10,300.
• D)$6,300.

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Definitions:

Individual Amounts

Refers to the specific figures relating to financial transactions or balances that pertain to a single entity or account.

Perpetual Inventory Method

An inventory management technique where updates to inventory records are made immediately following each transaction, giving real-time inventory levels.

Journalize

The process of recording business transactions in the accounting journals as part of the double-entry bookkeeping system.

Terms 2/10, N/30

Payment terms indicating a 2% discount is available if paid within 10 days; otherwise, the full (net) amount is due in 30 days.