taxable income

Definition of "taxable income"
  1. The net amount of income, after subtracting all permitted deductions, adjustments, and exemptions, that an individual or business is liable to pay taxes on
How to use "taxable income" in a sentence
  1. The Smiths have a high taxable income since their business did well this year.
  2. John needs to figure out his taxable income before he can complete his tax return.
  3. After all deductions and exemptions, the company's taxable income was surprisingly low.

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