Business, Legal & Accounting Glossary
The term dependent generally describes a person who is financially sustained by someone else. Most commonly, the word dependent applies to children who are supported by their parents. A dependent may also rely upon financial help derived from grandparents, older siblings, or legal guardians. One spouse that is financially born by the other is likewise considered a dependent. Dependent is a term that may also extend to persons over the age of sixty-five, implying the incapacity to be financially self-reliant due to old age. Having a dependent qualifies a taxpayer for certain tax breaks. This means that for each dependent a person can claim dependency exemptions. Having a dependent may also provide certain financial latitude in healthcare insurance and education.
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This glossary post was last updated: 27th April, 2020 | 9 Views.