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.
Best Answer: NOPE. Taxable income is the income upon which you pay income tax. Income tax is at a rate, 10%, 15%, etc., or percentage of your taxable income. Your taxable income is your total income minus the standard deduction and your exemptions, your income is adjusted to determine taxable amount. Source(s): tax pro.