Taxable Income
/ˈtæk.sə.bəl ˈɪn.kʌm/
Definitions
- (n.) The amount of income subject to tax after allowable deductions and exemptions have been applied.
The taxpayer calculated their taxable income before filing the return.
Related terms
See also
Commentary
Taxable income is a fundamental concept in tax law, used to determine tax liability; it differs by jurisdiction in terms of allowable deductions and exemptions.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.