Question

What is the difference between gross income, taxable income, and adjusted gross income?

Answer 1

Answer:

Taxable income is a layman's term that refers to your adjusted gross income (AGI) less any itemized deductions you're entitled to claim or your standard deduction. You're not permitted to both itemize deductions and claim the standard deduction. ... The result is your taxable income.

Explanation:

Answer 2

Answer:

Here is what I found, I hope it helps

Explanation:

Gross Income contains all money you earn that is not expressly removed from taxation under the Internal Revenue Code (IRC). The part of your gross income which is currently subjected to taxes is Taxable Income. To arrive at the number of Taxable Income, expenses are deducted from gross income. For a year, your Gross Income applies to all your pre-tax earnings, while your Adjusted Gross Income is mostly smaller and refers to your income after tax deductions. I could not find the difference between Adjusted Gross Income and Taxable Income.