| 1. | State and local taxes are generally deductible in computing federal taxable income.
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| 2. | Any amount beyond the original investment becomes taxable income to the beneficiary.
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| 3. | High unemployment translates into less taxable income and more spending on benefits.
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| 4. | Amounts withdrawn must be included in the taxable income of that year.
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| 5. | Last year, Mannesmann used losses carried forward to lower its taxable income.
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| 6. | Corporations must pay tax on their taxable income independently of their shareholders.
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| 7. | Misclassifying expenses would have depressed what the business reported as taxable income.
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| 8. | A : It's important to distinguish between taxable income and gross income.
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| 9. | Second, the ranges mentioned are for amounts that constitute your taxable income.
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| 10. | Financial assets generated about 12 percent of individuals'taxable income in 2002.
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