________ Is Our Normal Sense of the World Around Us

question 58

Multiple Choice

________ is our normal sense of the world around us enhanced with digital information.

• A) Cognitive surplus
• B) Web 2.0
• C) Augmented reality
• D) Affective computing

Know the rules and requirements for maintaining qualified status in pension and profit-sharing plans.

Understand the documentation and reporting requirements for pension plan distributions.

Recognize the contribution limitations and conditions for Roth IRAs and traditional IRAs.

Identify tax-free distributions for education savings accounts and their qualified expenses.

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Definitions:

Federal Revenue

The income received by the federal government from various sources like taxes, fees, and investments.

Personal Income

The total amount of income received by an individual from all sources before any taxes or deductions.

FICA Taxes

Taxes collected under the Federal Insurance Contributions Act that fund Social Security and Medicare programs.

Regressive

Pertaining to a tax system in which the tax rate decreases as the taxable amount increases, commonly considered less fair because it imposes a heavier burden relative to income on those with less.