Taxable Income
Income tax is imposed as a tax rate times taxable income, less applicable tax credits. Taxable income is gross income less allowable tax deductions. Taxable income as determined for federal tax purposes may be modified for state tax purposes.
Read more about this topic: Income Tax In The United States
Famous quotes containing the word income:
“I had always been so much taken with the way all English people I knew always were going to see their lawyer. Even if they have no income and do not earn anything they always have a lawyer.”
—Gertrude Stein (1874–1946)