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 ?
The situation is different, though, if the Larsens have $90,000 of QBI from Keith but only $60,000 of taxable income, after deductions.
* Singles: Zero for taxable income not exceeding $38,600; 20% for taxable income over $425,800
Nextel argued that the NLC deduction limitation effectively resulted in disparate treatment of taxpayers, based solely on the size of the business as determined by taxable income. As a result, Nextel contended the NLC deduction limitations created an unconstitutional progressive CNI tax structure, where smaller taxpayers pay a lower effective tax rate than larger, similarly situated taxpayers.
The renewal commissions are taxable income to whomever receives them (e.g., his estate, beneficiaries, or a trust).
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.
In making the revision, the holding company said it booked 250 billion yen as the DTA sum ''in view of the certainty of our fresh estimate of taxable income'' in tandem with brighter projections for its revenues.
The court disagreed, stating that IRC section 703(a) merely described how a partnership calculates its taxable income before dividing that amount among the partners.
If the lease falls within the safe harbors provided under the code section, the tenant will avoid taxable income and the landlord will be deemed the owner of the improvements.
"We also plan to reduce our taxable income for 2003 by delaying some of our billings to our customers until January 20047
This paper investigates the propensity of nonprofit organizations to report near zero taxable income profitability to avoid or mitigate the impact of unrelated business income taxes (UBIT) and then examines the organization-specific characteristics associated with this propensity.
The relationship of taxable income to the marginal tax rate has important implications for both the revenue consequences of tax policy and the deadweight loss of the income tax.(1) Not surprisingly, then, Feldstein's (1995b) analysis of the 1986 tax reform, in which he concluded that taxable income is highly responsive to changes in the marginal tax rate, has been closely examined and subjected to certain criticisms, which are summarized in Slemrod (1995b), Auten and Carroll (1995), and Goolsbee (1998).
The law applies a 36% rate to taxable income exceeding $140,000 for married couples filing jointly, $115,000 for singles, $127,500 for heads of households and $70,000 for married individuals filing separately.