taxable income

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Taxable Income

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.

Cross-references

Income Tax.

taxable income

see INCOME TAX, TOTAL INCOME.
References in periodicals archive ?
Nextel claimed the NLC deduction cap favored small taxpayers, those with taxable incomes of $3 million or less, because those taxpayers having NLCs in excess of their taxable income could reduce their taxable income to $0.
Like most states, Pennsylvania allows taxpayers generating net operating losses to carry unused losses over to future years to reduce the amount of taxable income subject to Pennsylvania s corporate net income (CNI) tax.
As noted above, the basic approach followed in this study was a comparison of the taxable incomes of individual taxpayers who reside in different states and confront unequal state income tax rates.
Mean taxable incomes according to income grouping in the high- and low-tax state samples are reported in Table 1.(7) In all but the lowest income category, average taxable income is relatively lower in states with higher tax rates on individual income.
Beginning in 1994, when individuals lose the "below the line" deductibility of club dues, certain lobbying expenses and 50% of meals and entertainment deductions, their regular taxable incomes will be closer to their AMTI.(10) Also, since certain tax preparation fees,(11) moving expenses and a portion of self-employed health insurance will be deductible "above the line," a taxpayer will no longer need to make an AMT adjustment, thus decreasing the individual's exposure to the AMT.
Individual taxpayers must now calculate their 1993 AMT at a 26% rate for the first $175,000 of alternative minimum taxable income (AMTI) above the AMT exemption, and at a 28% rate for amounts over that.(2) (2)RRA Section 13203(a) amending Sec.
For 1993, the income tax rate increases to 36% for married couples with combined taxable incomes of more than $140,000; for single individuals, this rate applies to taxable incomes of more than $115,000 (for heads of households, taxable income must exceed $127,500).
The top tax rate of 31 percent applies to taxable incomes over $82,150 for married taxpayers filing jointly and $49,300 for single taxpayers.
1, 1993, apply to married taxpayers with taxable incomes in excess of $140,000, and all individuals with taxable income in excess of $250,000, respectively.
A 36% tax bracket will be added to the existing three and will apply to joint filers with taxable incomes of more than $140,000 and to single filers with taxable incomes exceeding $115,000.
951 to include their portion of the CFC's subpart F income in their taxable incomes did not include any municipal bond interest earned by that CFC.
179 expenses against the taxable incomes from those businesses.