what is taxable income 
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 investopedia paige mclaughlinunderstanding taxable incometaxable income consists of both earned and unearned income unearned income that is considered taxable includes canceled debts government benefits such as unemployment benefits and disability payments strike benefits and lottery payments taxable income also includes earnings generated from appreciated assets that have been sold during the year and from dividends and interest income 23