Tag: taxable income

Taxable income is the total income you earn in a fiscal year that must be declared to the government for taxation purposes. This includes income from employment, investments, passive income sources, business profits, retirement income, pensions, annuities, rental income, alimony, and other eligible sources of income. Taxable income is used to determine your income tax rate and how much of your income will be subject to taxation. Taxation of income may vary depending on the jurisdiction and type of income. Understanding taxable income can help you make more informed financial decisions and better plan for taxes.