taxable income
Government's cut basis
Taxable income is the portion of earnings subject to income tax after deductions, exemptions, and adjustments.
It's typically less than gross income: Her taxable income dropped significantly after she claimed the mortgage interest deduction.
The term appears in tax forms, financial planning, and discussions of tax burden.
- tax liabilityMoney owed to government
- tax returnIncome declaration to government
- 1040 formFederal income declaration
- tax rateGovernment's claimed share
- marginal tax rateTax on each extra dollar
tax code · standard deduction · tax bracket · itemized deductions · above the line · payroll tax · tax exemptions · capital gains tax · tax due · corporate tax · salary · write-off · tax shelter · tax withholding · refund check · paycheck · take-home pay · filing
- Federal TaxesIRS, tax return, tax refund, Form 1040, 1040
- Trust TaxationDNI, tax returns, trust corpus, tax compliance, federal taxes
- financial termswealth, asset, currency, balance sheet, audit
- financial meansmoney, earnings, salary, wages, cash
- incomesalary, earnings, wages, pay, net earnings
- financialsprofit, earnings, net profit, gross profit, revenue
taxable incomegross income
Earnings before any deductions
gross pay · gross earnings · deductions · tax deductions · gross receipts
taxable incometax-free income
Revenue without government deductions
inheritance · life insurance proceeds · workers' compensation · welfare benefits
able, income, taxing, taxation, incomes, overtaxed, overtax, taxable, nontaxable