taxable income

taxable income
Gross income less a variety of deductions. Bloomberg Financial Dictionary
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A tax term. Defined as total income in the year (excluding tax free income) less all allowances available at the marginal rate. The major allowances which are deducted from income prior to reaching taxable income are the personal allowance, pension contributions (up to certain specified limits) and deeds of covenant payable to charities. An individual's tax charge is calculated by reference to his taxable income for the year. Dresdner Kleinwort Wasserstein financial glossary

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taxable income taxable income income

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taxable income UK US noun [U] FINANCE, TAX
the part of someone's earnings or a company's profits that is used to calculate how much tax is owed after allowing for particular amounts that are free of tax: »

Individuals with taxable income below the higher-tax threshold stand to gain from the proposed changes.


Financial and business terms. 2012.

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Look at other dictionaries:

  • 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… …   Wikipedia

  • taxable income — n: income that is subject to taxation and is characterized by the accrual of some gain or benefit to the taxpayer; specif: the total amount of income remaining as the basis of taxation for a given period after all allowable deductions have been… …   Law dictionary

  • taxable income — Income liable to taxation. It is calculated by deducting income tax allowances and any tax deductible expenses from the taxpayer s gross income. Compare non taxable income See also total income …   Big dictionary of business and management

  • taxable income — Income liable to taxation. It is calculated by deducting income tax allowances and any other tax deductible expenses from the taxpayer s gross income. See: non taxable income …   Accounting dictionary

  • Taxable Income — The amount of income that is used to calculate an individual’s or a company’s income tax due. Taxable income is generally described as gross income or adjusted gross income minus any deductions, exemptions or other adjustments that… …   Investment dictionary

  • Taxable income — Gross income less a set of deductions. The New York Times Financial Glossary * * * taxable income taxable income ➔ income * * * taxable income UK US noun [U] FINANCE, TAX ► the part of someone s earnings or a company s profits that is used to… …   Financial and business terms

  • taxable income — Adjusted gross income less deductions, whether itemized deductions or the standard deduction, plus the personal and dependency exemptions. Internal Revenue Code § 63. In another distinct sense, income which is not tax exempt …   Ballentine's law dictionary

  • taxable income — /ˌtæksəb(ə)l ɪnkʌm/ noun income on which a person has to pay tax …   Dictionary of banking and finance

  • federal taxable income — UK US noun [U] GOVERNMENT, TAX ► the amount of money that you earn when this is used as the basis for calculating how much tax you pay to the US government: »Colorado has a 4.75 percent flat tax that is based on federal taxable income …   Financial and business terms

  • accumulated taxable income — The base upon which the accumulated earnings tax is imposed. Basically, it is the taxable income of the corporation as adjusted for certain items (e.g., the Federal income tax, excess charitable contributions, the dividends received deduction)… …   Black's law dictionary

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