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