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:
“The secret of success lies never in the amount of money, but in the relation of income to outgo.”
—Ralph Waldo Emerson (1803–1882)