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Tomas recently joined a gym and has noticed that all of the men tend to wear similar workout apparel. This led him to think about why he wears certain clothes to exercise. Based on self-reflection he hypothesizes that there is an unspoken social norm that guides clothing selection for the gym. What strategy is Tomas using for developing a good hypothesis?
Taxable Income
The portion of income that is subject to taxation according to the laws and regulations of the taxing authority.
Standard Deduction
A fixed dollar amount that reduces the income on which you are taxed, varying by filing status and adjusted each year for inflation.
Joint Return
A combined tax return filed by married partners or certain partners in a civil union, pooling their incomes and deductions.
Taxable Income
Taxable income is the amount of income used to calculate how much tax an individual or a company owes to the government in a given tax year.
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