Taxable income is any money that an individual or company receives from providing goods or services, states the US Tax Center. The IRS considers gross income minus any standard or itemized deductions as taxable income, as of 2015.
Cash gifts, which means someone gifts cash without receiving items of equivalent value in return, are generally taxable, according to the Internal Revenue Service. Exclusions do apply. For tax years 2014 and 2015, individuals can gift up to $14,000 without being taxed.
In the majority of cases, grant money is nontaxable as long as it is used by a student for qualified educational expenses at a degree-granting accredited institution, notes the Internal Revenue Service and TurboTax AnswerXchange. Likewise, artistic grants to individuals are generally nontaxable inco
Whether or not retirement income is eligible for taxation depends on how the income is apportioned and on how much income is earned, with both income and benefits entered into a single equation. Larger sums and sums that exceed previous yearly income are typically taxed by the federal government.
To use a taxable income calculator, enter the information regarding your filing status and taxable income into the calculator to determine how much federal income tax you owe, explains TaxAct. After entering the information, the calculator provides an estimate of how much income tax you owe, your ta
Child support is not considered taxable income for the recipient. Because of this, it is not included in calculating a person's gross income for a tax year. In addition, it is not eligible for a deduction by the individual who pays the child support.
Social Security income is only federally taxed if an individual or married couple's total combined income exceeds a certain threshold. Each state has its own unique rules about taxation of Social Security benefits.
Settlements arising from physical injury are generally non-taxable, according to Nolo. Punitive damages, interest on the judgment, and settlements not related to physical injuries are usually taxable.
Social Security benefits may be taxable, depending on factors like marital status and total income, according to the Social Security Administration. The government does not tax more than 85 percent of Social Security benefits, regardless of a person's age, filing status or gross income.
Social Security is taxable when the recipient's combined income exceeds certain thresholds, according to the Social Security Administration. The amount of Social Security that is taxed varies with income, up to a maximum of 85 percent of the gross payment.