Your taxable income is the portion of your income subject to federal tax, and it's important for several reasons.
Katelyn Washington is a Writer at FinanceBuzz. With a passion for finance and business, she focuses on personal finance topics, drawing from her own experiences as a single mother who put herself through business school. Katelyn's work has been featured in CPA Practice Advisor, Kiplinger, MSN, Yahoo Finance, AOL, Inc., and other prominent publications.