What is Taxable Income? - Definition & Calculations


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question 1 of 3

Which of the following formulas summarizes the steps to get from your gross income to taxable income?

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1. Which of the following is NOT an allowable adjustment to gross income?

2. Which of the following is NOT a common individual deduction?

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About This Quiz & Worksheet

Find out how much you know about taxable income with these study tools. Answer questions on topics like the formula for gross income to taxable income and allowable adjustments to gross income.

Quiz & Worksheet Goals

You'll be quizzed on these key topics:

  • Common individual deductions
  • Calculating adjusted gross income
  • An appropriate definition for taxable income

Skills Practiced

  • Reading comprehension - ensure that you draw the most important information from the related lesson on taxable income
  • Information recall - access the knowledge you've gained regarding examples of allowable adjustments to gross income
  • Knowledge application - use your knowledge to answer questions about the formula for calculating adjusted gross income and the use of common individual deductions

Additional Learning

Review the subject further with the lesson entitled What is Taxable Income? - Definition & Deductions. You'll be taught about these bullet points:

  • Examples of different taxes in the U.S.
  • Gross income definition
  • Filing status and adjusted gross income
  • Standard deductions and tax brackets
  • Tax liability and tax credits