An examiner may require the immediate production of records. Make sure your companyâs data storage and networking infrastructure is up to date. Prepare for unannounced compliance audit by obtaining a copy of an inspection checklist from a specific regulatory or governing agency. Compliance is a multifaceted and complex matter.
Federal taxable income is the adjusted gross income less the deduction for personal exemptions and itemized deductions, which include items such as home mortgage interest, property taxes and charitable donations. Taxable income is the figure used to determine the actual taxes due.
The taxable amount equals the total gross income less the total deductions. This is the total amount subject to tax. Because each tax type (i.e. B&O, public utility, retail sales tax, etc.) has its own tax rate and taxable amount, there is not a single tax rate you can use to derive the total tax due.