taxable income

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Taxable income

Gross income less a variety of deductions.
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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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

taxable income

The income that is subject to taxation. Taxable income remains after accounting for adjustments and deductions.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.

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.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson

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.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005

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.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.

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.
Copyright © 2008 H&R Block. All Rights Reserved. Reproduced with permission from H&R Block Glossary