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.
TI], equals ([tau]TI[tau])/TI, where TI represents taxable income and [TI.
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.
By examining nonprofit taxable income management, we hope to provide information of interest to policymakers as well as academics interested in earnings management and the effects of taxes on business decisions.
In light of criticisms of existing studies, additional research on the impact of tax rate changes on taxable income is warranted, and a study that uses an alternative approach to measure the tax or net-of-tax rate elasticity may yield independent evidence on this important issue.
Linnick said the couple owned two restaurant corporations and failed to report taxable income from one between 1985 and 1991 and from the other between 1988 and 1991.
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.
While a dependent child can't take an exemption on his or her own tax returns, a standard deduction of up to $600 of taxable income or up to $3,600 of earned income is allowed in computing the taxable income.
New Examples 30 to 33 address consolidated returns, adjustments to state taxable income, and the two elective safe harbor methods.