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'''Taxable income''' is the [[income]] against which [[tax]] rates are applied to compute the tax paid; gross income of businesses or [[adjusted gross income]] of individuals less deductions and exemptions.
'''Taxable income''' is the [[income]] against which [[tax]] rates are applied to compute the tax paid; gross income of businesses or [[adjusted gross income]] of individuals less deductions and exemptions.
In the United States, the general rule is that all income is subject to tax, unless a specific exemption is granted (such as municipal bonds). Concurrently, deductions are limited to those specifically allowed by law (such as charitable donations or property tax over the standard deduction).
[[Category:Taxation]]
[[Category:Taxation]]