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Is taxable income less IRS allowable adjustments to income called FICA?
Wiki User
∙ 13y ago
NO. The FICA taxes is NOT a adjustment to your gross income earnings to arrive at your TAXABLE INCOME amount that will be on the 1040 federal tax form page 2 line 43.
Wiki User
∙ 13y ago
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All taxable income less IRS allowable adjustments to income is called?
Adjusted gross income
Gross income minus any adjustments deductions and exemptions is?
taxable income :)
What is gross income minus any adjustments deductions and exemptions?
taxable income :)
What kind of income tax is based on your taxable income?
Income tax IS based on your income that is why it is called INCOME tax.
Is kinship income taxable income?
No it is not taxable
How can I determine my taxable income?
Taxable income is the total amount of your income that is taxable. Certain types of income are exempt from taxes, but most income is taxable. To find out more information about taxable income, go to http://en.wikipedia.org/wiki/Taxable_income
Is Avon income taxable?
ALL income is taxable.
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 is the purpose of the different sections on the Canadian T1 general income tax form?
Canada Revenue Agency Form T1 is Income Tax and Benefit Return. Form T1 has five main sections. One, the IdentificationSection seeks identifying information (such as your address, social insurance number) and your filing status (single, married, widowed, etc.).Two, the Total Income Section identifies the sources and amounts of your income (employment, disability, self-employment, etc.).Three, the Net Income Section subtracts allowable adjustments from your Total Income to determine your Net Income. Allowable adjustments include registered pension plan deduction, union/professional dues, child care expenses, etc.Four, the Taxable Income Section finds your Taxable Income by subtracting allowable deductions from your Net Income. Allowable deductions include employee home relocation loans, capital gains, net capital losses of other years, etc.Five, Refund or Balance Owing Section determines whether you owe tax or have a refund. Net federal tax and provincial/territorial tax are decreased by any credits. Credits include income tax deducted, provincial/territorial credits, refundable medical expense, tax paid by instalments, etc. The result is either balance owing or refund.For more information, go to Canada Revenue Agency website, www.cra-arc.gc.ca.
Are bonuses taxable?
Yes, Bonuses are income and income is taxable
The total income of an individual minus certain deductions and personal exemptions is called?
its your taxable income
What is taxable income?
Taxable income is the portion of income that is the subject of taxation according to the laws that determine what is income and the taxation rate for that income. Generally, taxable income refers to an individual's (or corporation's) gross income, adjusted for various deductions allowable by statute. The main questions put by most individuals in any jurisdiction are "what makes up my taxable income" and what tax rates should be applied such that I can work out my tax liability to the state. For example, suppose within a year, one person earned $100,000 from work, made $50,000 profit from selling stock, and won the lottery for $1,000,000. This person has, prima facie, an income of $1,150,000. However, some of this income may be taxed at a lower rate or perhaps not taxable at all. In most western countries, 100% of regular salary (above a certain threshold) is taxable and a portion of Capital Gain (ie profit from selling stock or real estate) is taxable.
