NationMaster - Encyclopedia: Taxable income

Taxable income is the portion of income that is the subject of taxation according to the laws that determine what is income and the taxation rate for that income. Generally, taxable income refers to an individual's (or corporation's) gross income, adjusted for various deductions allowable by statute. The main questions put by most individuals in any jurisdiction are "what makes up my taxable income" and what tax rates should be applied such that I can work out my tax liabilty to the state. For example, suppose within a year, one person earned $100,000 from work, made $50,000 profit from selling stock, and won the lottery for $1,000,000. This person has, prima facie, an income of $1,150,000. However, some of this income may be taxed at a lower rate, or perhaps not taxable at all. In most western countries, 100% of regular salary (above a certain threshold) is taxable and a portion of Capital Gain (ie profit from selling stock or real estate) is taxable. Income, generally defined, is the money that is received as a result of the normal business activities of an individual or a business. ... In finance, a capital gain is profit that results from the appreciation of a capital asset over its purchase price. ...

Taxable income in the United States

In the United States, taxable income is defined in Internal Revenue Code 63 as Adjusted Gross Income minus the Standard deduction (or the Itemized deduction) minus the deduction for personal exemptions. Section 63 of the Internal Revenue Code defines what constitutes Taxable income in the United States. ... Adjusted gross income (AGI) is a financial term to describe the amount used in the calculation of an individuals income tax liability. ... Individual taxpayers in the United States are faced with a choice when preparing their tax returns. ... Individual taxpayers in the United States are faced with a choice when preparing their tax returns. ...

Taxable income = Adjusted Gross Income - Standard deduction (or Itemized deduction) - Personal exemptions.

References

26 U.S.C. § 63(b)

Categories: Taxation in the United States | Taxation | Tax stubs The Internal Revenue Code (or IRC) (more formally, the Internal Revenue Code of 1986, as amended) is the main body of domestic statutory tax law of the United States organized topically, including laws covering the income tax (see Income tax in the United States), payroll taxes, gift taxes, estate taxes...

Results from FactBites:

Taxable Income (205 words)
	The political organization taxable income equals its gross income (excluding exempt function income) less deductions allowed by the Code that are directly connected with producing gross income (excluding exempt function income), computed with certain modifications set forth in § 527, including a specific deduction of $100.
	Thus, investment income, or income from a trade or business (such as renting excess office space to an unrelated organization), of a political organization is not exempt function income and is subject to tax.
	Taxable income includes exempt function income (such as contributions) for any period of time that a political organization does not file a Form 8871 as required.

Taxable Income In India, Personal Taxable Incomes, Income Tax, Indian Tax Guide (461 words)
	income of son's wife from assets transferred by the individual to her or to any other person for her benefit unless the transfer is for adequate consideration.
	The individual in whose income the income of other spouse as mentioned in (a) (i) above is to be included will be the husband or wife whose total income - before including such remuneration income - is greater.
	Similarly the income of minor child is to be included in the income of the parent having greater income.

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References

Taxable income in the United States