In the United States income tax system, adjusted gross income (AGI) is an individual`s total gross income minus specific reductions. Taxable income is adjusted gross income minus allowances for personal exemptions and itemized deductions. For most individual tax purposes, AGI is more relevant than gross income. Gross income is sales price of good....
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An individual taxpayer's total income minus deductions (adjustments) for individual retirement plan
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In the US, a person's income on which federal income tax is calculated. This is gross income less... <a target=_blank href='http://www.finance-glossary.com/terms/adjusted-gross-income.htm?id=27&ginPtrCode=00000&PopupMode=false' title='Read full definition of adjusted gross income'>more</a>
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Gross income reduced by certain amounts, such as a deductible IRA contribution or student loan interest
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- Gross income reduced by business and other specified expenses of individual taxpayers. The amount of adjusted gross income affects the extent to which medical expenses, non business casualty and theft losses and charitable contributions may be deductible. It is also an important figure in the basis of many other individual planning issues as well...
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(in U.S. income-tax returns) the total of an individual's wages, salaries, interest, dividends, etc., minus allowable deductions. Abbr.: AGI
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