taxable income


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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

the amount of an individual's income that is subject to TAXATION once any tax allowances to which the taxpayer is entitled have been deducted.

taxable income

the amount of an individual's income that is subject to TAXATION once any tax allowances to which the taxpayer is entitled have been deducted.

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.
References in periodicals archive ?
5% of taxable income or a $3 million deduction, taxpayers with $3 million or less in taxable income in 2007 could offset up to 100% of their taxable income through the NLC deduction limitation.
There is a de minimis exception by which an individual or corporate owner of less than a five-percent interest in such a partnership can elect to turn off the 2006 proposed regulations for purposes of determining section 987 gain or loss only--the regulations still apply for purposes of determining the partner's share of the taxable income or loss of the partnership.
But Resona Holding conducted the upward revision in the net profit forecast for the first half of fiscal 2006, as the firm has decided that it can now book five years of taxable income as its DTA sum, just as other major banks do, it said.
For example: if a lessee received a construction allowance in January 2004, it has until mid-September 2005 to make the improvements to avoid taxable income.
31, h in taxable income will he reduced by at least $70,000--the total of his purchases.
If taxable income is inversely related to the marginal tax rate, as results of recent studies suggest, then taxable income, on average, should be lower in high-tax states than in low-tax states.
Best of all, earned income from a child of any age receives a full standard deduction of up to $3,600, after which it is taxed at 15 percent, up to $21,000 of taxable income.
NYSE: NFI), a residential lender and mortgage portfolio manager, today responded to misstatements in the media regarding the company's expectations for taxable income in the future.
Likewise, attorneys' fees paid to an injured party's attorney may also be reportable as taxable income to the injured party.
The penalty tax is applied to the corporation's accumulated taxable income, which becomes taxable income with several adjustments.
During year 1, Trust receives $100,000 of taxable income.
While the process to avoid taxable income may appear simple and straightforward, it is important that both tenant and landlord make sure the treatment of construction allowances is specified in their agreement.