Accountancy, asked by tomarvinay2637, 1 month ago

Is net income taxable income?

Answers

Answered by ITZURADITYAKING

11

Answer:

Taxable Income. Net income is take-home pay, or the amount a worker receives after the employer withholds amounts for taxes and other deductions. ... Taxable income is the amount of a person's income that is taxed after deductions are applied to gross income.

Answered by annuradhadevi07

0

Answer:

Taxes and deductions are taken from your gross income to arrive at net income. ... Common taxes that are taken out of gross income include federal income tax, state tax, Social Security tax, and Medicare tax. These are the basics that, once deducted from gross income, result in net income.

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