Final answer:
Reductions for $100-per-Event and 10%-of-AGI Floors are deductions used in income tax calculations. The $100-per-Event reduction allows deductions for expenses exceeding $100 per occurrence, while the 10%-of-AGI floor determines deductible medical expenses.
Step-by-step explanation:
Reductions for $100-per-Event and 10%-of-AGI Floors are related to income tax calculations. These terms are used to determine the deductions that individuals can claim on their federal income tax returns.
The $100-per-Event reduction refers to certain miscellaneous expenses that can be deducted if they exceed $100 per occurrence. For example, if someone attends multiple conferences and the total expenses exceed $100, they can claim a deduction for those expenses.
The 10%-of-AGI (Adjusted Gross Income) floor refers to the threshold for deducting medical expenses. If an individual's medical expenses exceed 10% of their AGI, they can deduct the excess amount from their taxable income.