taxable income

noun

Legal Definition of taxable income

: income that is subject to taxation and is characterized by the accrual of some gain or benefit to the taxpayer specifically : the total amount of income remaining as the basis of taxation for a given period after all allowable deductions have been applied to gross income

Learn More about taxable income

Cite this Entry

“Taxable income.” Merriam-Webster.com Legal Dictionary, Merriam-Webster, https://www.merriam-webster.com/legal/taxable%20income. Accessed 26 Sep. 2020.

Comments on taxable income

What made you want to look up taxable income? Please tell us where you read or heard it (including the quote, if possible).

WORD OF THE DAY

Test Your Vocabulary

Challenging Vocabulary Quiz Returns!

  • stylized drawing of woman pole vaulting across gap to get trophy
  • Which is a synonym of fuliginous?
Spell It

Can you spell these 10 commonly misspelled words?

TAKE THE QUIZ
Citation

Test Your Knowledge - and learn some interesting things along the way.

TAKE THE QUIZ
Love words? Need even more definitions?

Subscribe to America's largest dictionary and get thousands more definitions and advanced search—ad free!