Taxable income

{
  "id": "MLC-T-LAW-004856",
  "term": "Taxable income",
  "field": "Law",
  "definition": "The portion of an individual's or corporation's income that is subject to income tax after exclusions and allowable deductions are removed. For an individual it equals adjusted gross income minus the standard or itemized deduction and any qualified business income deduction. Tax rates are applied to this amount to compute the tax before credits, and credits then reduce the tax itself, not the income.",
  "url": "https://mlchart.com/terminology/law/taxable-income/"
}