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The top 1% of Americans, who have an average income of more than $2.1 million, pay 43.6% of all the federal individual income tax in the U.S.; the top 0.1% — just 115,000 households, whose average income is more than $9.4 million — pay more than 20% of it.

Taxable income is the amount of income used to calculate an individual's or a company's income tax due. Taxable income is generally described as gross income or adjusted gross income minus any deductions or exemptions allowed in that tax year.

Business owners need to make sure they've properly filed each form, correctly itemized each deduction and write-off, and have their receipts handy in case of a dreaded audit. Here are some tips to file your taxes properly: 1)Collect your records - Before filling out any tax form to report your business income, you should have all records in front o

Multiply the cost of an item or service by the sales tax in order to find out the total cost. Make sure you put the sales tax into decimal form. You do this by taking the percentage and sliding the decimal point two places to the left: Example: $60 (item cost) x .075 (sales tax) = $4.5 total sales tax.

Nontaxable income won't be taxed, whether or not you enter it on your tax return. The following items are deemed nontaxable by the IRS: Inheritances, gifts and bequests. Cash rebates on items you purchase from a retailer, manufacturer or dealer. Child support payments.

There are two kinds of taxable income: Earned income (salary, wages, tips, bonuses, commissions, etc.) and unearned income (dividends, interest, rents, alimony, winnings, royalties, etc.). For example, let's assume that Jane works for Company XYZ. Her salary is $75,000 per year.