If total tax deductions are greater than the standard deduction allowed by the IRS,you can itemize or list them on Form 1040,thus reducing your overall income tax bill.This is known as
A) adjusted gross income.
B) itemized deductions.
C) a tax credit.
D) an exemption.
Correct Answer:
Verified
Q25: What is gross income?
A)Wages,bonuses,tips,interest earnings,dividends,and gains from
Q26: What reduces your tax liability,dollar-for-dollar?
A)Deduction
B)Taxable income
C)Tax credit
D)Exemption
Q27: Which tax form is available for anyone
Q28: Define exemption.
A)It reduces your gross income.
B)It reduces
Q29: What does AMT stand for?
A)Alternative minimum tax
B)After
Q31: Which of the following is an example
Q32: What is the extra tax a person
Q33: What would your filing status be if
Q34: There are _ filing statuses.
A)7
B)6
C)5
D)4
Q35: By January 31 of each year,what form
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