Define exemption.
A) It reduces your gross income.
B) It reduces your tax liability.
C) It is the dollar amount allowed by law as a reduction from your adjusted gross income (AGI) .
D) Adjusted gross income (AGI) minus deductions.
Correct Answer:
Verified
Q23: Why is your filing status important?
A)Because it
Q24: What is (are)considered adjustments to gross income?
A)Pension
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
Q29: What does AMT stand for?
A)Alternative minimum tax
B)After
Q30: If total tax deductions are greater than
Q31: Which of the following is an example
Q32: What is the extra tax a person
Q33: What would your filing status be if
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