User: What is taxable income and how do you know how much taxes are owed?

Note: Taxable income is gross income made by an individual or business that is considered taxable by a state or country, or both in the US. You can find out how much you owe by following the instructions on your tax form
Auto answered|Score 1|toxictoast96|Points 2235|

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Weegy: Taxable income is the portion of income that is the subject of taxation according to the laws that determine what is income and the taxation rate for that income. [ Generally, taxable income refers to an individual's (or corporation's) gross income, adjusted for various deductions allowable by statute. http://map.ais.ucla.edu/portal/site/UCLA/menuitem.789d0eb6c76e7ef0d66b02ddf848344a/?vgnextoid=0161516ba5a51110VgnVCM100000dcd76180RCRD ]
Expert answered|mitchiex|Points 20|