Under the income tax system in the United States, the portion of personal income that can be taxed is called

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Taxable income is the portion of personal income that can be taxed after certain deductions and exemptions. Gross income includes all income that a person receives, but there are certain deductions and exemptions that reduce the taxable income. Net income is the amount of income a person has after taxes and deductions are taken out. Allowable income is not a commonly used term in the US tax system. Personal income refers to all income a person receives, including non-taxable income such as gifts and inheritances.

Under the Income Tax System in the United States, the Portion