An individual's taxable income equals adjusted gross income less the exemption amount.

Name: An individual's taxable income equals adjusted gross income less the exemption amount.
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Taxable income is calculated by subtracting both the standard or itemized deductions and any exemptions from the adjusted gross income (AGI). However, personal exemptions were eliminated starting in 2018 under the Tax Cuts and Jobs Act.

An Individual's Taxable Income Equals Adjusted Gross Income Less the Exemption