Which fixed amount can a taxpayer subtract from adjusted gross income for each dependent member of the household,as well as for the taxpayer and his or her spouse?

Question

Quizplus · Accepted Answer

The fixed amount that a taxpayer can subtract from adjusted gross income for each dependent member of the household, as well as for the taxpayer and his or her spouse, is called an exemption. It is not an itemized deduction or a tax credit. While a standard deduction also reduces taxable income, it is a separate deduction that is not related to exemptions.

Which Fixed Amount Can a Taxpayer Subtract from Adjusted Gross