Net Income - What is the net income on tax return?

Q: What is the net income on tax return?

AGI explained You may also see the term “net income” when filing income taxes. You can calculate it using information from your federal tax return. Take your taxable income listed on your Form 1040 (Line 10 for 2018) and then subtract your total tax (Line 15). The result is your net income based on your tax return.

Answer

Explanation of AGI The word "net income" may also appear on your tax return. It is possible to determine it by consulting your federal tax return. Subtract the total tax from your taxable income, which is shown on Line 10 of your 2018 Form 1040. After you add up all of your tax deductions, this is your net income.

Net Income - What is the net income on tax return?

Other useful ERP terms

AI generated suggestions