taxable income

Definition

The amount of income subject to income taxes; found by subtracting the appropriate deductions (IRA contributions, alimony payments, unreimbursed business expenses, some capital losses, etc.) from adjusted gross income.

Use taxable income in a sentence

When filing for taxes you must report your taxable income to the IRS to determine if you owe additional money or will be getting a refund.

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current earnings and profits income exclusion rule