Comprehensive Income Includes Both Net Income and the Change in Market

question 86

True/False

Comprehensive income includes both net income and the change in market value of available-for-sale securities.

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Definitions:

Joint Return

A tax return filed jointly by a married couple, combining their incomes, exemptions, and deductions.

Taxable Income

The portion of an individual's or corporation's income used as the basis for calculating the amount of tax owed to the government.

Standard Deduction

A preset tax deduction amount that reduces taxable income, not requiring itemization.

Joint Return

A combined tax return filed by married couples who choose to report their incomes, deductions, and credits on the same return.