Taxable income includes:
a-child support payments
d-workers compensation payments
An important calculation that must be computed on a tax return is taxable income and it is critical that this number is accurate. This is the amount of income that is actually subject to tax after the standard deduction or itemized deductions are computed.
Answer and Explanation: 1
Answer choice: b. sick pay
Sick pay is included in taxable income just like wages received from working. In contrast, child support...
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fromChapter 3 / Lesson 5
Learn what income tax liability is. Find out what taxable and adjusted gross income are, discover how to calculate tax liability, and examine common deductions.