Ask Question
4 October, 15:32

Describe both taxable income and personal exemptions. (Economics)

+3
Answers (1)
  1. 4 October, 15:50
    0
    Taxable income refers to the base upon which an income tax system imposes tax. Generally, it includes some or all items of income and is reduced by expenses and other deductions. The amounts included as income, expenses, and other deductions vary by country or system.

    Under United States tax law, a personal exemption is an amount that a resident taxpayer is entitled to claim as a tax deduction against personal income in calculating taxable income and consequently federal income tax.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Describe both taxable income and personal exemptions. (Economics) ...” in 📘 History if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers