taxable income

Meanings

1. 1noununcountable

   the part of a person's or company's income that is left after deductions and is actually taxed.

   Grammar: Uncountable: say taxable income is, not taxable incomes are.

   Patterns

   • taxable income of someone
   • calculate/report taxable income
   • taxable income after deductions

   After the standard deduction, her taxable income was only twenty thousand dollars.

   Charitable donations can reduce your taxable income.

   The company reported taxable income of two million dollars last year.

2. 2noununcountabletechnical

   money received from a particular source that the tax authorities count as income.

   Grammar: Often followed by from: taxable income from rent.

   Patterns

   • taxable income from something
   • treat something as taxable income

   Rent from the flat counts as taxable income.

   Bonuses are taxable income, even if they are paid once a year.

Common combinations

taxable income after deductions

Taxable income after deductions was much lower than his salary.

reduce taxable income

Pension contributions reduce your taxable income.

report taxable income

Businesses must report taxable income each year.

taxable income bracket

She moved into a higher taxable income bracket.

net taxable income

The accountant worked out the net taxable income.

Synonyms and how they differ

gross income

Gross income is total earnings before deductions, while taxable income is what remains after them.

earnings

Earnings is a general word for money earned; taxable income is a tax term for the part that can be taxed.

Opposites

Word family

tax noun

money paid to the government

taxable adjective

able to be taxed

taxation noun

the system of charging taxes

Commonly confused: taxable income or gross income?

Practice

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