taxable income

Gross income minus all allowable deductions and exemptions.

• Taxable income is multiplied by the applicable tax rate to compute one’s tax liability. [Cases: Internal Revenue 4529; Taxation 980. C.J.S. Internal Revenue §§ 644–645; Taxation §§ 1715–1716.]

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词条贡献者

译者Miranda，毕业于英国顶尖的高级翻译学院，擅长翻译各种与债务重组与公司清算/破产相关的法律文件。