Social Studies, 09.11.2019 22:31 kolbehoneyman

What is the main difference between a standard deduction and an itemized deduction?
a) a standard deduction is the flat dollar amount taxpayers must add to their taxes. an itemized deduction is based on adding multiple contributions and taxes that have not been yet in the year.
b) a standard deduction is based on adding multiple contributions and taxes that have not been yet in the year. an itemized deduction is the flat dollar amount taxpayers must add to their taxes.
c) a standard deduction is based on subtracting multiple contributions and taxes already paid during the year. an itemized deduction is the flat dollar amount taxpayers can subtract from their taxes.
d) a standard deduction is the flat dollar amount taxpayers can subtract from their taxes. an itemized deduction is based on subtracting multiple contributions and taxes already paid during the year.

Answers: 1

Show answers

Answers

Answer from: 2020seogang

D) A standard deduction is the flat dollar amount taxpayers can subtract from their taxes. An itemized deduction is based on subtracting multiple contributions and taxes already paid during the year.

Explanation:

- The main factor that will determine the amount of your standard deduction would be your age, your marriage status, and the amount of children you have in your family. The standard deduction will be cut before income tax is applied. The rate will be flat but varied each year depending on government's policy.

- As for itemized deduction, it will be based on the personalized expense that you incurred within that year. For example, if during the year you make a donation to a charity, the amount of that donation will be exempted from your taxes.

Answer from: jamtil7937

The main difference between a standard deduction and an itemized deduction is a standard deduction is the flat dollar amount taxpayers must add to their taxes. An itemized deduction is based on adding multiple contributions and taxes that have not been yet in the year.

Option A

Explanation:

The tax deduction is the way to decrease taxable income, which decreases the amount to be paid to the government. This saves you a big amount on your tax return. It's people choose to choose what type of deductions they want.

A standard deduction fixed amount that taxpayers have to pay. Based on the filing of the taxpayer's characteristics for the years it varies. Itemized deductions are based on certain expenses or services, that you can deduct from paying to the federal government apart from common tax.

Answer from: Quest

answer: fact: italy has over 300 islands ranging from extremely small uninhabited islands to the huge island of sicily.

explanation:

opinion: italy has way to many islands

Answer from: Quest

answer; /// the above statement is (true);

Another question on Social Studies

Social Studies, 22.06.2019 03:00

Articles of the confederation is a good representation of a system of government.

Answers: 2

Answer

Social Studies, 22.06.2019 10:00

Plz me fast like asap! which quotation reflects the perspective of most of georgia legislatures in 1956 regarding the georgia state flag? question 4 options: "georgia's flag should be updated to have a more modern look and design." "georgia's flag should be a symbol of integration and equal rights." "georgia's flag does not need to be changed; it represents peace and prosperity." "georgia's flag should be a symbol of our resistance to federal integration laws."

Answers: 3

Answer

Social Studies, 22.06.2019 18:50

Mike and his wife, amanda, are arguing about his in-laws. mike doesn’t want them to visit because they fight all the time when they come to the house and he is worried about the effect that their fighting is having on mike and amanda’s children. amanda finally yells out: “what about our fighting? ” mike replies, “well, that’s different. we fight because we’re having a disagreement, they fight because they hate each other! ” this is an example of

Answers: 2

Answer

Social Studies, 23.06.2019 07:00

The political and economic power of roman catholic church was challenged during the reformation by

Answers: 1

Answer

You know the right answer?

What is the main difference between a standard deduction and an itemized deduction?
a) a stan...

Questions