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wrote...
Posts: 62
2 weeks ago

Question 1.

A personal exemption refers to

• the tax rate that applies to a particular tax bracket.

• the tax bracket that represents basic living expenses.

• an amount representing basic living expenses that can be subtracted from income.

• a dispensation that allows certain qualifying individuals not to pay federal taxes.

Question 2.

Exemptions and deductions are used

• to add to taxes that must be paid.

• by taxpayers to reduce the amount of income subject to tax.

• to determine the type of tax structure.

• to determine what items are subject to sales taxes.
Source  Download
Microeconomics
Edition: 7th
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Answer verified by a subject expert
wrote...
Posts: 53
2 weeks ago
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Answer 1

an amount representing basic living expenses that can be subtracted from income.

Answer 2

by taxpayers to reduce the amount of income subject to tax.
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