taxable income financial definition of taxable income. taxable income finance term by the Free Online Dictionary.

Taxable income

Gross income less a variety of deductions.

Taxable Income

In U.S. tax, an individual's income after all deductions. Individuals and corporations may eliminate certain expenses from their incomes for tax purposes. For example, if someone makes $30,000 per year and spends $4,000 on tuition for college, that person's taxable income is reduced to only $26,000, and the person pays a portion of that to the government. Everyone may take a standard deduction or may itemize deductions to arrive at one's taxable income. In corporations, profits may be offset by business losses to arrive at the taxable income. See also: Adjusted gross income, Modified adjusted gross income.

taxable income

The income that is subject to taxation. Taxable income remains after accounting for adjustments and deductions.

taxable income

Gross revenues minus almost all operating expenses, depreciation, loan interest, and a few other minor items. Some business expenses, such as entertainment, are not fully deductible.

Taxable Income

Taxable income is equal to adjusted gross income reduced by itemized deductions or the standard deduction, and by allowable personal and dependent exemptions.

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