What istaxable income?

Taxable income refers to the portion of an individual's or a business's income that is subject to taxation by the government. It includes wages, salaries, bonuses, investment income, rental income, and certain other earnings, minus any allowable deductions or exemptions. Taxable income is used to determine the amount of tax owed to tax authorities, such as the IRS in the United States. It is important to accurately report taxable income to comply with tax laws and regulations.