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Finance Dictionary and Glossary of Investment Terms
The types of taxpayers: single, married filing jointly, married filing separately, and head of household. Determines filing requirements, the amount of the standard deduction, eligibility for certain credits, and the tax bracket.
The category that defines the type of tax return form an individual will use. The filing status is closely tied to marital status. The various ways of filing include:1. Single Individual2. Married persons filing jointly or surviving spouse3. Married persons filing separately4. Head of householdsTaxes take into account an individual's marital status, number of children, occupation, and several other factors when determining the tax bracket and amount of taxes one must pay.