Taxable income is used to compute the amount of b. income tax owed.
Taxable income is the portion of gross income determined by the IRS to be taxable. It consists of earned income and unearned income. Taxable income is generally less than adjusted gross income due to deductions that reduce it.
Taxable income is the amount of income used to calculate personal or corporate income tax. Taxable income is generally described as gross income or adjusted gross income less any deductions, exemptions, or other adjustments granted for the tax year.
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