Taxable income is the portion of your gross income used to calculate how much tax you owe in a given tax year. It can be described broadly asadjusted gross income (AGI)minus allowable itemized or standard deductions. Taxable income includes wages, salaries, bonuses, and tips, as well as inv...
Before you can calculate the NII tax, you must determine the income you earned from every one of your qualified investments. Be sure you account for and subtract any fees and related expenses, such ascommissionsand brokerage charges. You can refer to the list of what counts in the table ab...
If you provide more than half of someone's support, you may be able to claim them as a dependent when you file your taxes, which can reduce the amount you owe. But the IRS has strict rules for who counts as a dependent. In this article, we'll explain this and more. Image source:...