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Taxable Income
The portion of income that is subject to taxation according to the laws and regulations of the taxing authority.
Standard Deduction
A fixed dollar amount that reduces the income on which you are taxed, varying by filing status and adjusted each year for inflation.
Joint Return
A combined tax return filed by married partners or certain partners in a civil union, pooling their incomes and deductions.
Taxable Income
Taxable income is the amount of income used to calculate how much tax an individual or a company owes to the government in a given tax year.
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