STANDARD DEDUCTIONS Definition

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STANDARD DEDUCTIONS is used to reduce income by taxpayers who do not itemize allowable deductions on their tax returns. The amount of the deduction depends on your filing status: if you are 65 or older, if you are blind and whether you can be claimed as a dependent on another taxpayers income tax return. See ITEMIZED DEDUCTIONS.

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LEGALLY MANDATED is that which is required by law, e.g. the ratio of majority inhabitant vs. minority new-hire quotas in a legislated work environment.

FLOOR a series of European interest rate put options used to protect against rate moves below a set strike level.

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