Taxable Income for Individual and Corporate Calculation, Formulas

 Taxable Income Calculator

Calculates the taxable income for individual or corporate.

Step by step calculation
Step by step calculation

How to Find Interest Expense

Interest paid is calculated based on the rate of interest charged and the outstanding debt of the company.

Taxable Income Formula for Individual

Taxable Income = Gross Total Income - Total Exemptions - Total Deductions

Taxable Income Formula for Corporate

Taxable Income = Gross Sales - Cost of Goods Sold - Operating Expense - Interest Expense - Tax Deduction/Credit