Taxable income is ????????????????? why not gross income less deductions????

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Taxable income is ?????????????????

why not gross income less deductions????

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Taxable Income is income on which tax is payable by the taxpayer. It can be calculated as follow

 

CALCULATION PARTICULAR AMOUNT
     
  Gross Income XXX
Less Adjustment to Income (XXX)
  Gross Adjusted Income XXX
Less Standardized or Itemized Deduction (XXX)
  Taxable Income XXX

 

 

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