HopefullyInLawSchool
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LSDefine
Simple English definitions for legal terms
ZA
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A quick definition of ZA:
The letter Z has different meanings in different contexts. In taxes, ZBA or zero-bracket amount used to be a deduction available to all taxpayers, but it was replaced by the standard deduction. The standard deduction is a set amount that can be subtracted from income to determine taxable income. There are also other types of deductions, such as the charitable deduction for donations to qualified charities and the marital deduction for transfers between spouses. Deductions are subtracted from income to reduce the amount of tax owed. In other contexts, Z can also refer to a graphic variant of the word "year" or the act of reasoning from general propositions to a specific conclusion.A more thorough explanation:
Deduction is the act of taking away or subtracting something. In taxes, it refers to an amount that can be subtracted from gross income to calculate adjusted gross income or from adjusted gross income to calculate taxable income.
- A taxpayer can deduct their charitable contributions from their taxable income. For example, if someone donates $100 to a qualified charity, they can deduct $100 from their taxable income.
- When a person turns 65 or becomes blind, they are entitled to an additional standard deduction. For example, if someone turns 65 during the tax year, they can deduct an additional amount from their taxable income.
- If a person inherits a portion of a succession, they are entitled to a deduction before a partition. For example, if someone inherits a house with three siblings, they are entitled to a deduction of one-fourth of the value of the house before the partition.