Question

For each of the items of income below, enter the amount that is included in taxable income. If the amount included in taxable income is 0, enter a zero.

Answer 1

Taxable income is the amount of income that is subject to taxation. It is calculated by subtracting deductions and exemptions from adjusted gross income. For example, if your adjusted gross income is $30,000 and you have deductions and exemptions totaling $10,000, your taxable income would be $20,000.

Step-by-step explanation:

Taxable income is the amount of income that is subject to taxation. It is calculated by subtracting deductions and exemptions from adjusted gross income. Taxable income is used to determine the amount of tax owed.

For example, if your adjusted gross income is $30,000 and you have deductions and exemptions totaling $10,000, your taxable income would be $20,000.