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Simple English definitions for legal terms

Taxable income

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A quick definition of Taxable income:

Taxable income: The money you make minus the things you can take away is called your taxable income. This is the amount of money that you have to pay taxes on. You can take away certain things like expenses for work or donations to charity. After you figure out your taxable income, you might be able to take away more things or get some money back from the government.

A more thorough explanation:

Taxable income

Taxable income is the amount of money an individual or business has to pay taxes on. It is calculated by subtracting all allowable deductions from the gross income. Taxable income is also known as adjusted gross income. The deductions for taxable income are all above the line deductions. After calculating the taxable income, the individual or business may have further tax exemptions or tax credits.

Example 1: John earns $50,000 a year. He has $10,000 in allowable deductions. His taxable income is $40,000.

Example 2: ABC Company earns $500,000 in revenue. They have $100,000 in allowable deductions. Their taxable income is $400,000.

In Example 1, John's gross income is $50,000. After subtracting his allowable deductions of $10,000, his taxable income is $40,000. This is the amount he will have to pay taxes on.

In Example 2, ABC Company's gross income is $500,000. After subtracting their allowable deductions of $100,000, their taxable income is $400,000. This is the amount they will have to pay taxes on.

tax-exempt income | Taxation - State statutes

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17:28
if they told me this like 2 weeks ago, i would have not gotten an apt in la yet
17:30
i ideally want a fed govt position in dc, but i dont think i can physcially afford to cancel all my plans to attend :(
that really sucks
Coolperson49494
18:08
10k for the life you want vs a school that prob wont get you there is prob worth
Coolperson49494
18:08
id do it although LA biglaw seems more appealing overall tbh
OvertReconditeSpider
18:20
If that person doesnt have 10k however, could be outta luck
yeah i think it comes down to literally not having 10k to blow
OvertReconditeSpider
18:20
Oof
OvertReconditeSpider
18:20
Skill issue
OvertReconditeSpider
18:21
Jk even if i had it. I wouldnt spend 10k just to get out of a lease to switch schools
MightyUnableSphinx
18:29
@menherachan: You should say that to GULC
MightyUnableSphinx
18:30
I mean fuck it right. Like, maybe they can help somehow. Probably they can't but if the alternative is "i dont go to gulc" who cares
MightyUnableSphinx
18:30
Idk I doubt they can give you 10k cash, lmao, but who knows!
Others will disagree, but max out a credit card if you have to do so.
It's 10K. Not 100K.
OvertReconditeSpider
19:29
10K at 21.51% interest. Lol
19:47
Yeah I would definitely disagree. Without family help when could they realistically pay that off?
20:18
If someone can live below the student budget at GULC loans could cover an extra $10K, but Grad PLUS loans still amount to $2 in repayment for every $1 borrowed on a 10-year plan at current interest rates. Not a choice to make lightly.
OvertReconditeSpider
20:19
^
OvertReconditeSpider
20:19
The rates on the stafford loans are garbage too
manifestmoreadmissions
21:59
yeah its not the worst decision and im sure you could find solutions to any problems it might create but idk if it's like a no-brainer
MightyUnableSphinx
0:11
Apply for new credit card w/ 12 month 0% APR intro offer -> Max out card to 10k to get out of lease -> Go to GULC
MightyUnableSphinx
0:11
You now have 12mths to pay back 10k with no interest
MightyUnableSphinx
0:14
If you have decent credit history/credit score i bet the starting balance will be like 15-25k
MightyUnableSphinx
0:14
im actually cooking right now wtf this advice is so good. do not blow up your plan in life because of a fkn lease agreement
1:39
Excuse me everyone. Sorry. I'm planning to take lsat but I see so many different types of textbooks and categories on the market, which books should I start with for a rookie like me? Thanks a lot!
loophole
for LR
1:42
Sincere thanks, with my respect :)
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