Gross income less a variety of deductions. Bloomberg Financial Dictionary
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A tax term. Defined as total income in the year (excluding tax free income) less all allowances available at the marginal rate. The major allowances which are deducted from income prior to reaching taxable income are the personal allowance, pension contributions (up to certain specified limits) and deeds of covenant payable to charities. An individual's tax charge is calculated by reference to his taxable income for the year. Dresdner Kleinwort Wasserstein financial glossary
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taxable income UK US noun [U] FINANCE, TAX
► the part of someone's earnings or a company's profits that is used to calculate how much tax is owed after allowing for particular amounts that are free of tax: »
Individuals with taxable income below the higher-tax threshold stand to gain from the proposed changes.
Financial and business terms. 2012.