Question

The (1) (2) is a flat amount that most individuals can elect to deduct instead of deducting their itemized deductions.

a) Standard deduction
b) Itemized deduction
c) Special deduction
d) Simplified deduction

Answer 1

The Standard deduction is a fixed amount that individuals can deduct instead of itemizing their deductions.

Step-by-step explanation:

The Standard deduction is a flat amount that most individuals can elect to deduct instead of deducting their itemized deductions. It is a fixed amount set by the government that reduces a person's taxable income. The standard deduction is a simpler option for taxpayers who do not have many itemized deductions, such as mortgage interest or charitable contributions.