Income tax is calculated based on: A. gross income minus deductions
What is Income Tax?
- Income tax is defined as the levy that the government places on income earners for a specific period of time, which is usually a month or a year as the case may be.
- Income tax = gross profit less a fixed percentage charged on the taxable income of the payer.
Therefore, income tax is calculated based on: A. gross income minus deductions
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