Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

income

Read a random definition: subtraction

A quick definition of income:

Income is money that you get for doing something or investing your money. It can come from working, owning a business, or having money in the bank. The government can tax your income, which means they take a portion of it to pay for things like schools and roads. There are different types of income, like wages, salary, and rental income. When you calculate your income for taxes, you start with your gross income, which is all the money you made. Then you subtract some things, like deductions, to get your taxable income, which is the amount the government can tax.

A more thorough explanation:

Income refers to the money or value that an individual or business entity receives in exchange for providing a good or service or through investing capital. This can include:

  • Wages, salary, commissions, and business profits
  • Interest from securities and bank accounts
  • Tips and rental income
  • Transfer payments, gifts, and inheritances
  • Income in kind, such as the value of free parking provided by an employer
  • The net increase in the real value of a person's assets

The federal government is allowed to tax income under the 16th Amendment, and state governments may also have their own income tax regimes. For example, New York's Tax Code defines taxable income in reference to the federal income tax regime.

For federal income tax purposes, income is divided into three categories:

  • Gross income: includes all income from whatever source derived, such as compensation for services, income from business, gains from property, interest, rents, royalties, dividends, annuities, income from life insurance, pensions, income from discharge of indebtedness, and more.
  • Adjusted gross income: gross income minus allowable deductions.
  • Taxable income: the income subject to government taxation after allowable deductions are taken and adjustments are made.

For example, if someone earns $50,000 in wages and $5,000 in rental income, their gross income would be $55,000. If they have $10,000 in allowable deductions, their adjusted gross income would be $45,000. Finally, if their taxable income is subject to a 20% tax rate, they would owe $9,000 in federal income taxes.

incidents of ownership | income in respect of decedent

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
LSD+ is ad-free, with DMs, discounts, case briefs & more.