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Answer:
gross income of an individual minus any allowable tax deductions
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Step-by-step explanation:
The phrase can be described broadly as adjusted gross income (AGI) minus allowable tax deductions.
What is adjusted gross income ?
"Adjusted gross income, or AGI, is your gross income minus certain adjustments. The IRS uses this number as a basis for calculating your taxable income. AGI can also determine which deductions and credits you may qualify for."
What is allowable tax deductions?
"A tax deduction is an item you can subtract from your taxable income to lower the amount of taxes you owe."
Taxable income is the portion of your gross income used to calculate how much tax you owe in a given tax year.
It can be described broadly as adjusted gross income (AGI) minus allowable itemized or standard deductions.
Taxable income includes wages, salaries, bonuses, and tips, as well as investment income and various types of unearned income.
Hence, the phrase can be described broadly as adjusted gross income (AGI) minus allowable tax deductions.
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