Examlex
In obtaining wage and salary information,regardless of the source,it is always most important to ensure that:
Taxable Income
The amount of an individual's or business's income used to calculate how much tax they owe to the government in a given year.
Total Tax
The annual sum of all taxes owed by an individual or corporation, including federal, state, and local taxes, regardless of deduction or credit eligibility.
Taxable Income
The amount of income that is subject to income tax after deductions and exemptions.
Deductions
Amounts that are subtracted from gross income when calculating taxable income, including expenses, allowances, or specific exemptions.
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