Taxable income
Taxable income is the gross income less a set of exemptions and deductions that are spelled out in the instructions to the tax forms that individuals must file.
Definitions
According to Financial Management Theory and Practice by Eugene F. Brigham and Michael C. Ehrhardt (13th edition),
- Taxable income. Gross income less a set of exemptions and deductions that are spelled out in the instructions to the tax forms that individuals must file.
Related concepts
- Financial management. A combination of enterprise efforts undertaken in order to procure and utilize monetary resources of the enterprise.
