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Taxable income is the amount of income that's used to calculate an individual or a company's tax liability. It's your gross income, including earnings from employment, investments, and other sources, minus allowable tax deductions and exemptions.
When calculating taxable income, it begins with gross income, which includes wages, interest, dividends, rental and royalty income, and capital gains. From this, certain allowable deductions are subtracted. These deductions may include certain business expenses for self-employed individuals, student loan interest, and the standard deduction or itemized deductions. The final figure is the taxable income, which is used to calculate the amount of tax that you owe. Every jurisdiction may have different rules and regulations about what constitutes taxable income and what deductions are allowable.
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