Prentice Halls Federal Taxation 2014 Individuals
Quiz 2: Determination of Tax
Generally,itemized Deductions Are Personal Expenses Specifically Allowed by the Tax
Generally,itemized deductions are personal expenses specifically allowed by the tax law.
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Taxpayers have the choice of claiming either the personal and dependency exemption or the standard deduction.
Refundable tax credits are allowed to reduce or totally eliminate a taxpayer's tax liability but any credits in excess of the tax liability are lost.
Nonrefundable tax credits are allowed to reduce or totally eliminate a taxpayer's tax liability but any credits in excess of the tax liability are lost.
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