Taxable income
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Taxable income is the income against which tax rates are applied to compute the tax paid; gross income of businesses or adjusted gross income of individuals less deductions and exemptions.
In the United States, the general rule is that all income is subject to tax, unless a specific exemption is granted (such as municipal bonds). Concurrently, deductions are limited to those specifically allowed by law (such as charitable donations or property tax over the standard deduction).