Examlex
The diagram below illustrates the point that the cows are
Standard Deduction
The fixed amount the IRS allows taxpayers to subtract from their taxable income if they do not itemize deductions, differing by filing status.
Exemption
A provision that reduces or eliminates a taxpayer's obligation to pay tax, typically based on certain conditions or qualifications.
Tax Bill
A statement from a government authority specifying the amount of tax owed by an individual or entity.
Proration
The allocation or division of financial amounts based on a proportionate distribution, often applied in billing, refunds, or dividends.
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