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Interest is the cost of borrowing money or the reward you earn when you save or lend money. Understanding Interest in Everyday Life Interest is one of those financial concepts …
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The informal tax legislation process involves individuals, businesses, and interest groups sharing their opinions and influencing how tax laws are created. Understanding the Informal Tax Legislation Process When most people …
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Inflation is when consumer prices rise while the value of money falls, meaning each dollar buys less than it used to. Understanding Inflation in Everyday Life Inflation can feel confusing, …
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An infant industry is a new or developing domestic industry that has higher production costs than more established foreign competitors. Understanding the Concept of an Infant Industry In economics and …
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An indirect tax is a tax that businesses can pass on to consumers, meaning the cost can be shifted from the taxpayer to someone else. Understanding Indirect Taxes When you …
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An independent contractor is a self-employed worker who provides services to others but controls how the work is done, while the client controls only the final result. Understanding Independent Contractors …
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Income taxes are taxes charged on the money you earn—whether from working or from investments. They apply to individuals and businesses. Understanding Income Taxes Income taxes are one of the …
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Horizontal equity is the idea that people with the same income level should pay the same amount of tax—“equals should be taxed equally.” Understanding Horizontal Equity When people talk about …
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Head of Household filing status is for taxpayers who are unmarried, support a home financially, and have a qualifying person living with them for most of the year. Understanding Head …
What Is Head of Household Filing Status? – Simple and Easy Explanation Read More
Gross income includes the money, goods, services, and property you receive that must be reported on your tax return. It also includes unemployment benefits and some scholarships. Understanding Gross Income …
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