is taxable income and income tax the same
Best Answer: NOPE. Taxable income is the income upon which you pay income tax. Income tax is at a rate, 10%, 15%, etc., or percentage of your taxable income. Your taxable income is your total income minus the standard deduction and your exemptions, your income is adjusted to determine taxable amount. Source(s): tax pro.
Basically your taxable income is your total adjusted gross income, less the standard (or itemized) deduction(s), less your exemption(s). The income tax is the amount of tax assessed on your taxable income. See page 2 of Form 1040 for a visual: