Taxable income is
Question 7 options:
total of all income, less deductions and exemptions. A
earned income less property income. B
all income other than wages and salaries. C
wage and salary income only. D
all earned income E
I think it’s D but I would like to make sure, thanks
No, not D.
https://www.investopedia.com/terms/t/taxableincome.asp
I looked into the link and my new answer is E
Nope. I've checked two of your guesses. Now you're on your own. Please do not post this question again.
I suggest you read more carefully this time.
"What is 'Taxable Income'
Taxable income is the amount of income used to calculate how much tax an individual or a company owes to the government in a given tax year. It is generally described as gross income or adjusted gross income (which is minus any deductions or exemptions allowed in that tax year). Taxable income includes wages, salaries, bonuses and tips, as well as investment income and unearned income."
Read more: Taxable Income https://www.investopedia.com/terms/t/taxableincome.asp#ixzz5L5m5TNbr
To determine the correct answer, let's break down the options:
A) "Total of all income, less deductions and exemptions."
This option suggests that taxable income includes all types of income (such as wages, salaries, property income, etc.), but subtracts deductions and exemptions.
B) "Earned income less property income."
This option implies that taxable income only includes earned income and excludes property income.
C) "All income other than wages and salaries."
This choice indicates that taxable income includes all types of income, except for wages and salaries.
D) "Wage and salary income only."
This option suggests that taxable income only includes wage and salary income.
E) "All earned income."
This option indicates that taxable income consists of all types of earned income.
Based on the definitions provided in the options, the correct answer for taxable income is option A, which is the "total of all income, less deductions and exemptions." This option reflects the typical definition of taxable income, which includes all types of income (such as wages, salaries, property income, etc.) but allows for deductions and exemptions to reduce the overall tax liability.