The FDIC Insures Credit Union Accounts Up to $250,000

question 22

True/False

The FDIC insures credit union accounts up to $250,000.

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Definitions:

Standard Deduction

A set amount the IRS allows taxpayers to deduct from their income before income tax is applied, reducing taxable income.

Taxpayer

An individual or entity that is obligated to make payments to municipal or government taxation agencies.

Single

A filing status for a taxpayer who is unmarried and does not qualify for other filing statuses like Head of Household.

Failure To File Penalty

A penalty imposed by tax authorities for not filing a required tax return by the due date.