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What is gross income minus any adjustments deductions and exemptions?
Wiki User
∙ 9y ago
taxable income :)
Anonymous
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Gross income minus any adjustments deductions and exemptions is?
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 income taxable and how do you find out how much you owe?
Taxable income is described as gross income or adjusted gross income minus any deductions or exemptions. Taxable income can also come from appreciated assets that have been sold or capitalized in that tax year.
Are Individuals are taxed on the amount of their income after deductions and exemptions are subtracted from gross income.?
The tax comes out with other things in the gross income. In some cases like with a IRA or tax shelter they come out first and then the taxes. In this way the tax is lower because it brings down the gross income.
What do you call income before deductions?
Gross income.
Gross income minus any adjustments deductions and exemptions is?
taxable income :)
What is the formula for taxable income?
Gross Income - Above the Line Deductions = Adjusted Gross Income - (Deductions +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 income taxable and how do you find out how much you owe?
Taxable income is described as gross income or adjusted gross income minus any deductions or exemptions. Taxable income can also come from appreciated assets that have been sold or capitalized in that tax year.
Are Individuals are taxed on the amount of their income after deductions and exemptions are subtracted from gross income.?
The tax comes out with other things in the gross income. In some cases like with a IRA or tax shelter they come out first and then the taxes. In this way the tax is lower because it brings down the gross income.
What do you call income before deductions?
Gross income.
What is a gross income minus deductions?
It gives net income.
How do you figure out your gross income?
Gross income is all monies earned and received before deductions. ( taxes, EI, Union Dues, etc ) After deductions it is considered Net income.
What is Take home pay is equal to?
gross income - (required deductions + optional deductions)
What is Gross income after certain deductions are calculated is called?
I suspect you're talking about AGI, Adjusted Gross 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
