A deduction isAgross incomeBmoney added to your incomeCnet incomeDmoney taken out of your income

Total Income under the Income Tax Act includes income fromAnswer areaOnly salary sourcesAll sources after allowed deductionsAll sources before any deductionsOnly salary sources

Net income is:Athe total amount of money you earnBthe amount of money you receive after deductions are subtracted from your gross incomeCthe amount of money that is taken away in the form of taxesDthe hourly rate of pay

Medical costs, taxes, and interest are all examples of deductions that are subtracted from adjusted gross income.

A tax deductible is an expense that is A. removed from the income tax. B. removed from gross income before the salary is paid on the bank account of the employee. C. claimed at the time of the tax return. D. is not counted in income for tax purpose but count as a benefit

The Income Statement provides information about all of the following, except __________.1 pointNet Income before and after taxesGains and LossesCash Inflows and OutflowsRevenues and Expenses