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.]

---

词条贡献者

双语律师Wayne，国际知名法学院法律专业，擅长翻译各类与遗产及遗嘱争议相关的法律文件。