The Basic Standard Deduction in 2016 for a Single Taxpayer

question 116

Multiple Choice

The basic standard deduction in 2016 for a single taxpayer who is 67 years old and not blind is:

• A)$1,550.
• B)$6,300.
• C)$7,850.
• D)$7,550.

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Definitions:

Tax System

A framework of policies governing how taxes are collected from individuals and businesses by a governing authority.

Disproportionate

Significantly uneven or out of balance in comparison to something else.

Excise Tax

A tax imposed on specific goods, services, or transactions, often aimed at reducing their consumption or generating revenue.

Polluting Firms

Companies that release pollutants into the environment as a byproduct of their activities, often subject to regulation and mitigation measures.