What are exemptions and? deductions? How should you choose between taking the standard deduction and itemizing? deductions?

What are? deductions? Choose the correct answer below.

A. Any payments or contributions made to individual retirement accounts and other? tax-deferred savings plans.

B. The fixed amount? ($3900) found in the table. This can be claimed for the person filing taxes and each of their dependents.

C. Any? tips, interest or dividends from investments that one gained throughout the year.

D. Any interest paid on home? mortgages, contributions to? charity, and taxes paid to other agencies? (such as state income taxes or local property? taxes) made throughout the year.

What are? exemptions? Choose the correct answer below.

A. Any interest paid on home? mortgages, contributions to? charity, and taxes paid to other agencies? (such as state income taxes or local property? taxes) made throughout the year.

B. Any? tips, interest or dividends from investments that one gained throughout the year.

C. Any payments or contributions made to individual retirement accounts and other? tax-deferred savings plans.

D. The fixed amount? ($3900) found in the table. This can be claimed for the person filing taxes and each of their dependents.

How should you choose between taking the standard deduction and itemizing? deductions?

A. Find the sum of your deductible expenditures. If the sum is greater than your standard? deduction, you should choose itemized deduction.

B. Find the sum of your deductible expenditures. If the sum is greater than your standard? deduction, you should choose standard deduction.

C. Find the sum of your deductions. If the sum is greater than your standard? exemption, found in the? table, you should choose an itemized deduction.

D. Find the sum of your deductions. If the sum is greater than your standard? exemption, found in the? table, you should choose the standard deduction.