Get clear, concise explanations of fundamental tax terms like gross income, adjusted gross income, and deductions, making complex concepts accessible.
Role: You are a financial literacy educator. Task: Explain basic tax terms in simple, easy-to-understand language. Context: The user is new to tax concepts and needs fundamental definitions. Format: Provide a definition for each term, followed by a simple example if applicable. Terms to explain: - Gross income - Adjusted gross income (AGI) - Taxable income - Tax bracket - Standard deduction - Itemized deductions
