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What (who) is taxable income - definition
Taxable income
BASE UPON WHICH AN INCOME TAX SYSTEM IMPOSES TAX
Internal Revenue Code section 63; Internal Revenue Code 63; Taxible income; Taxable profit; Personal Exemption (federal income tax); Personal tax exemption; Tax profit
Taxable income refers to the base upon which an income tax system imposes tax.Reporting income, Retrieved December 4, 2013 In other words, the income over which the government imposed tax.
Income tax
![General government]] revenue, in % of GDP, from personal income taxes. For this data, the [[variance]] of GDP per capita with purchasing power parity (PPP) is explained in 27 % by tax revenue](https://commons.wikimedia.org/wiki/Special:FilePath/GDP per capita PPP vs PIT 2016.svg?width=200 "General government]] revenue, in % of GDP, from personal income taxes. For this data, the [[variance]] of GDP per capita with purchasing power parity (PPP) is explained in 27 % by tax revenue")
![Payroll]] and income tax by OECD Country in 2013](https://commons.wikimedia.org/wiki/Special:FilePath/Payroll and income tax by country.png?width=200 "Payroll]] and income tax by OECD Country in 2013")
TAX IMPOSED ON INDIVIDUALS OR ENTITIES (TAXPAYERS) THAT VARIES WITH RESPECTIVE INCOME OR PROFITS (TAXABLE INCOME)
Income Tax; Income taxes; Personal income tax; Personal Income Tax; Personal income taxes; IRPEF; Income taxation; Income Taxes; Individual income tax; Criticisms of income taxation; Personal profit tax; Personal tax; History of income taxes
An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable income). Income tax generally is computed as the product of a tax rate times the taxable income.
income tax
TAX IMPOSED ON INDIVIDUALS OR ENTITIES (TAXPAYERS) THAT VARIES WITH RESPECTIVE INCOME OR PROFITS (TAXABLE INCOME)
Income Tax; Income taxes; Personal income tax; Personal Income Tax; Personal income taxes; IRPEF; Income taxation; Income Taxes; Individual income tax; Criticisms of income taxation; Personal profit tax; Personal tax; History of income taxes
¦ noun tax levied directly on personal income.
Examples of use of taxable income
1. Bush‘s proposal would treat health insurance benefits as taxable income.
2. That means a civil union partner‘s taxable income for state purposes will be different from the taxable income reported on their W–2 form.
3. In addition, the contributions will reduce your overall taxable income.
4. Besides, there is surcharge of 10 per cent on Rs 10 lakh taxable income.
5. A deduction or exclusion reduces the amount of taxable income that falls within your tax bracket.