- taxable income
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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 applied to gross income
Merriam-Webster’s Dictionary of Law. Merriam-Webster. 1996.
- taxable income
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n.The amount of income subject to taxes, i.e., gross income minus credits and deductions.
The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 2008.
- taxable income
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An individual's or business's gross income minus all allowable deductions, adjustments, and exemptions.Category: Back Taxes & Tax DebtCategory: Business, LLCs & Corporations → Business Accounting, Bookkeeping & FinancesCategory: Business Cash Flow Problems & BankruptcyCategory: Business, LLCs & Corporations → Business Tax & DeductionsCategory: Personal Finance & Retirement → Taxes → Personal Income TaxesCategory: Personal Finance & Retirement → Taxes → Tax Audits
Nolo’s Plain-English Law Dictionary. Gerald N. Hill, Kathleen Thompson Hill. 2009.
- taxable income
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Under the federal tax law, gross income reduced by adjustments and allowable deductions. It is the income against which tax rates are applied to compute an individual or entity's tax liability. The essence of taxable income is the accrual of some gain, profit, or benefit to a taxpayer.
Dictionary from West's Encyclopedia of American Law. 2005.
- taxable income
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I
Under the federal tax law, gross income reduced by adjustments and allowable deductions. It is the income against which tax rates are applied to compute an individual or entity's tax liability. The essence of taxable income is the accrual of some gain, profit, or benefit to a taxpayer.II The income against which tax rates are applied to compute tax paid; gross income of businesses or adjusted gross income of individuals less deductions and exemptions.
Short Dictionary of (mostly American) Legal Terms and Abbreviations.