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Gross income mius any adjustments deduction and exemptions is known as?
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Gross income minus any adjustments deductions and exemptions is?
taxable income :)
What is gross income minus any adjustments deductions and exemptions?
taxable income :)
What is the formula for calculating taxable income?
Gross Income - Above the Line Deductions = Adjusted Gross Income - (Deductions +Exemptions)= Taxable Income
What is the best definition of taxable income?
For Federal income tax purposes, taxable income is the portion of a taxpayer's gross income on which his regular income tax liability (before payments and credits) for the year is based. Income from any given source is taxable, unless the Code specifically says it isn't taxable. Calculation: Taxable income starts with gross income, which according to the US Internal Revenue Code, is all income from whatever source derived. Gross income is then reduced by certain adjustments allowed by the IRS (e.g. for student loan interest, alimony paid, and 10 or so other specific items) to get adjusted gross income. Adjusted gross income is then reduced by exemptions (both personal and for any dependents) and itemized deductions (or the standard deduction) to arrive at taxable income.
What are expenses that a taxpayer is allowed to deduct from adjusted gross income?
exemptions
Gross income minus any adjustments deductions and exemptions is?
taxable income :)
What is gross income minus any adjustments deductions and exemptions?
taxable income :)
What is the formula for taxable income?
Gross Income - Above the Line Deductions = Adjusted Gross Income - (Deductions +Exemptions)= Taxable Income
What is a voluntary income deduction?
Voluntar income deduction is money taken from your gross pay that you have control over.
What is the formula for calculating taxable income?
Gross Income - Above the Line Deductions = Adjusted Gross Income - (Deductions +Exemptions)= Taxable Income
What is the best definition of taxable income?
For Federal income tax purposes, taxable income is the portion of a taxpayer's gross income on which his regular income tax liability (before payments and credits) for the year is based. Income from any given source is taxable, unless the Code specifically says it isn't taxable. Calculation: Taxable income starts with gross income, which according to the US Internal Revenue Code, is all income from whatever source derived. Gross income is then reduced by certain adjustments allowed by the IRS (e.g. for student loan interest, alimony paid, and 10 or so other specific items) to get adjusted gross income. Adjusted gross income is then reduced by exemptions (both personal and for any dependents) and itemized deductions (or the standard deduction) to arrive at taxable income.
What are expenses that a taxpayer is allowed to deduct from adjusted gross income?
exemptions
With a gross income of 30,000 and a 25% tax deduction, what is your monthly net income?
$22,500
What is Deduction from gross total income?
http://wiki.answers.com/Q/What_is_Deduction_from_gross_total_income"
How do you compute the personal income tax?
Income Tax DSC, Digital Signature for Income Tax, Return e Filing, ITR to authenticate your identity electronically, Get Class 3 digital signature for Income Tax to save your privacy. You can easily submit your Income-tax with the help of DSC (digital signature for income tax).
All taxable income less IRS allowable adjustments to income is called?
Adjusted gross income
What is tax rate if married filing jointly with 2 children and gross income 75000?
Under these circumstances and income your tax calculation would go like this: $75,000 - (3,900 X 4 exemptions) - 12,200 (Std. Deduction) = $47200 Taxable Income. Your total income tax will be $7,728.75. Your top tax rate on the highest part of your income is in the 25% bracket but in reality your real tax rate is about 10% after you deduct your standard deduction and exemptions. This is not considering your child tax credits if your children are under 17 years old or any other credits like dependent care credits or such.
