Ideas

question 247

Multiple Choice

Ideas:

• A) will run out some day.
• B) are not depleted when they are used.
• C) are not an important factor in economic growth.
• D) occur at the same rate no matter what.

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Definitions:

Personal Exemptions

Deductions taxpayers could claim for themselves and dependents, significantly reduced under the Tax Cuts and Jobs Act of 2017.

Taxpayer and Spouse

The term used to refer to individuals filing a joint tax return, typically a married couple.

Married Person

A tax filing status for individuals who are legally married, affecting tax brackets, allowances, and potential deductions.

Tax Liability

The total amount of tax owed to a taxing authority, such as the IRS, based on taxable income and tax rate.