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In the context of income tax, what does 'taxable income' refer to?

Practice Questions

Q1
In the context of income tax, what does 'taxable income' refer to?
  1. Total income before deductions
  2. Total income after deductions
  3. Income from exempt sources
  4. Income from capital gains only

Questions & Step-by-Step Solutions

In the context of income tax, what does 'taxable income' refer to?
  • Step 1: Understand that taxable income is the amount of money you earn that is subject to income tax.
  • Step 2: Start with your total income, which includes all the money you make from various sources like your job, investments, and other earnings.
  • Step 3: Identify any deductions you can take. Deductions are specific expenses that the tax law allows you to subtract from your total income.
  • Step 4: Subtract the total deductions from your total income. This gives you your taxable income.
  • Step 5: Remember, taxable income is the amount that the government uses to calculate how much tax you owe.
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