In 2008 (the latest year for which the IRS has published all the data), total taxable income in the US was over five trillion dollars.
No, total taxable income is not the same as total income. Total income includes all sources of income, such as wages, interest, dividends, and capital gains. Total taxable income, on the other hand, is the portion of total income that is subject to taxation after deductions, exemptions, and adjustments are applied. Therefore, total taxable income is typically lower than total 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
Taxable income is the total income after deducting all deduction under the section 80(c) to 80(u). The tax liability is calculated on the total taxable income.
The percentage of your income that is taxable depends on your total income and tax deductions. Typically, income tax rates range from 10 to 37 in the United States.
(in the US) All earned income and bonuses are taxable. (in the Philippines) If together with other financial benefits the total do not exceed P30,000.00, then it isn't taxable. If it exceeds the said limit, the amount in excess shall be taxable.
If you are a US citizen or a US resident, your income is taxable in the US, no matter what country you earned it in. That includes gambling income, whether legal or illegal.
No it is not taxable
its your taxable income
No the borrowed money would not be taxable income to you that you would report on your 1040 federal income tax return as income in the year that the amount is borrowed.
ALL income is taxable.
No, income tax and taxable income are not the same thing. Taxable income is the amount of income that is subject to taxation, while income tax is the actual tax that is calculated and paid on that taxable income.
Most of your income is taxable on the gross income level. Some items are excluded from taxable gross income (such as pretax deductions from your paycheck for child care or medical expenses). Wage earners will enter the income in box 1 of their Form W-2 which is their taxable gross income. Other types of income are taxable at the net income level. If you have your own business, you can deduct business expenses from your gross income before adding the net income to your tax return. If you own a partnership, business expenses are deducted from gross income.