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#taxable_income

Taxable income

Base upon which an income tax system imposes tax

Taxable income refers to the base upon which an income tax system imposes tax. In other words, the income over which the government imposed tax. Generally, it includes some or all items of income and is reduced by expenses and other deductions. The amounts included as income, expenses, and other deductions vary by country or system. Many systems provide that some types of income are not taxable and some expenditures not deductible in computing taxable income. Some systems base tax on taxable income of the current period, and some on prior periods. Taxable income may refer to the income of any taxpayer, including individuals and corporations, as well as entities that themselves do not pay tax, such as partnerships, in which case it may be called “net profit”.

Sat 4th

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Taxable income Income tax Income tax in the United States State income tax Income tax in Canada Income tax in China Corporate tax in the United States Income tax in Australia Corporate tax Taxation in the United States

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