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.
1 Subtract the total taxes from your income to get your net annual income. 2  Sticking with the previous example: if your gross income was $50,000, you had $5,000 in deductions, and you deducted another $2,000 for retirement, your taxable income is $43,000. Then subtract that number from your gross income. 2  That should leave you with your taxable income. 3  The numbers given in this part were $15,000 for your product cost and $2,000 in depreciation. 4  This is a total of $17,000 in deductions.