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What Is Adjusted Gross Income (AGI)?
Adjusted gross income (AGI) is your gross income minus certain adjustments. The IRS uses the AGI to determine how much income tax you owe.
EBIT vs. Operating Income: What's the Difference?
EBIT and operating income show a company's profitability. Although typically synonymous, there are cases where the two offer different results.
Income Inequality Definition: Examples and How It's Measured
Income inequality is how unevenly income is distributed throughout a population. The less equal the distribution, the higher income inequality is.
Residual Income: What It Is, Types, and How to Make It
Residual income is money that continues to flow after an investment of time and resources has been completed.
Sundry Income Definition
Sundry income, also called miscellaneous income or other operating income, is generated from sources other than a company's normal business operation.
Disqualifying Income Definition
Disqualifying income is a type of income that can disqualify an otherwise eligible taxpayer from receiving the earned income credit.
The Difference Between Income Tax and Capital Gains Tax
Income tax is paid on income earned from wages, interest, dividends, and royalties, while capital gains tax is paid on profits from selling an asset.
Net Investment Income (NII) Definition
Net investment income (NII) is income received from investment assets such as bonds, stocks, mutual funds, loans, and other investments, less related expenses.
State Income Tax Definition
State income tax is a tax levied by a state on the income of its residents, as well as on any nonresidents who earn state-sourced income.
Do I Have to Report Income From Foreign Sources?
If you are a U.S. citizen or resident alien, your income–unless exempt–is subject to U.S. income tax, including income that is earned outside the U.S.