The county has a total population of 34,895 with 47% of the people living in the rural areas. Included in the Martin labor market area and within a radius of 25 miles of Martin are portions of six other Tennessee counties and two counties in Kentucky. Included in this area is a population of over 100,000 people.
DEFINITION of 'Taxable Income'. The amount of income that is used to calculate an individual's or a company's income tax due. Taxable income is generally described as gross income or adjusted gross income minus any deductions, exemptions or other adjustments that are allowable in that tax year.
There are several different types of taxable income that you will need to be aware of when you are filing your taxes. Many of these different types are taxed at different rates and calculated differently. Here are a few of the most common types of taxable income. Wages and Salaries. The most common type of taxable income is related to wages and salaries. This is money that you make from working at your job. With this type of income, you are going to have to pay several different types of taxes. This income is going to be reported to you on a W-2 form. First of all, you will have to pay taxes to the federal government.