All categories

3 years ago

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

Social Studies

2 answers:

emmasim [6.3K]3 years ago

7 0

Answer:

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.

Yuki888 [10]3 years ago

3 0

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.

Answer: Option A

<u>Explanation:</u>

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.

You might be interested in

Reviewing his course syllabi for the term, Mark realizes that, in three weeks, he has three assignments due on the same day. He

Scrat [10]

Answer:

Postformal

Explanation:

Postformal thinking is frequently depicted as progressively adaptable, sensible, ready to acknowledge good and scholarly complexities, and rationalistic than past stages being developed.

This procedure included expanded adaptability, common sense and lingos, i.e., the grown-up is rationally ready to accommodate varying and clashing thoughts.

4 0

3 years ago

People who talk rapidly, dress flamboyantly, and get involved in dangerous activities are showing ______ symptoms of mania.

Thepotemich [5.8K]

They are showing BEHAVIORAL symptoms of mania.

7 0

3 years ago

What was a result of the treaty of Fontainebleau

Dima020 [189]

Answer:

France ceded Louisiana to Spain

Explanation:

5 0

3 years ago

When i reach the promise land

den301095 [7]

Corresponding to the 40 days that the spies toured the land, God decreed that the Israelites would wander in the wilderness for 40 years as a result of their unwillingness to take the land. ... God brought victories where needed, and his promise to Abraham was fulfilled.

6 0

3 years ago

One social scientist, Paul Tough, wrote, "We have been focusing on the wrong skills and abilities in our children, and we have b

Kazeer [188]

Answer: Grit

Explanation: What sociologist Paul Tough felt it needed to develop in children was the courage and strength of character to work steadily and persistently toward the set goals, which is grit. Grit is therefore a positive trait that needs to be developed and that implies a strong motivation to achieve goals, so it is not a cognitive trait, this is about stimulating curiosity, pinpointing and setting goals, and working hard to reach those goals. This trait should be developed in children at school from the earliest days, encouraging and directing children by evaluating their curiosity, directing them to social intelligence that is important when it comes to grit, for example, teaching children to be grateful for their accomplishment and help. There is an emphasis on work that, in combination with social interaction, constant improvement and shifting of criteria, means reaching the goal as well as setting new ones.

6 0

3 years ago