Taxable Income Calculator
Calculate your taxable income by subtracting deductions and exemptions from gross income.
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How to Calculate Taxable Income
Taxable income is the amount of income used to calculate how much tax you owe. It's determined by subtracting eligible deductions and exemptions from your gross income.
- 1Enter Your Gross IncomeInput your total income before any deductions or exemptions.
- 2Add Your DeductionsInclude all eligible tax deductions to reduce your taxable income.
- 3Include ExemptionsAdd any applicable tax exemptions to further reduce your taxable income.
Common Deductions That Reduce Taxable Income
Understanding common tax deductions can help you maximize your tax savings and reduce your taxable income effectively.
- Standard DeductionA fixed amount that reduces your taxable income.
- Itemized DeductionsMedical expenses, mortgage interest, and charitable contributions.
- Business ExpensesWork-related costs and business operating expenses.
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