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justinw2200 justinw2200
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5 years 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.
Textbook 
Microeconomics

Microeconomics


Edition: 7th
Authors:
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NashuaNashua
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5 years ago
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