Final answer:
The deduction and the exemption are the two components that make up the standard deduction allowable for individual income tax in the United States.
Step-by-step explanation:
The two components that make up the standard deduction allowable for individual income tax in the United States are the deduction and the exemption. The deduction is an amount that reduces your taxable income, while the exemption is an amount that reduces the tax owed based on your filing status and number of dependents.
For example, in 2010, the standard deduction and exemption for a single person totaled $9,350, which means that a single person could deduct $9,350 from their adjusted gross income to calculate their taxable income.
It's important to note that the standard deduction and exemption may change each year, so it's always a good idea to check the current amounts when filing your income taxes.