Here's what you should know about income tax, what it is, how it works, how to calculate it and which states don't have it.

In a perfect world, the income you receive would be all yours to keep. However, the tax man is on his way and any dollar you earn is subject to a tax bill. But what is taxable income? Is it everything ...

Your annual income is the total amount of money a person or a business earns during the year. This includes all money generated through all income sources, such as salaries and wages, rental ...

The provision for income taxes on an income statement is the amount of income taxes a company estimates it will pay in a given year. The company's final tax bill may be slightly more or less than the ...

Your effective tax rate is a good indicator of how well you’ve been managing your tax situation. It’s smart to calculate your effective tax rate each year to help you make adjustments to your ...

Courtney Reilly-Larke is the deputy editor of Forbes Advisor Canada. Previously, she was the associate editor of personal finance at MoneySense. She was also managing editor of Best Health Magazine ...

After years of paying into the Social Security system, many seniors are surprised to learn that the benefits they receive after retirement may be subject to federal income tax. This is generally ...

Your taxable income is the portion of your income subject to federal tax, and it’s important for several reasons. To start, your taxable income amount determines your tax bracket and marginal tax rate ...

Most forms of income count as taxable — but not all. Here’s how to calculate yours and some ways to reduce your liability. Many, or all, of the products featured on this page are from our advertising ...

Income refers to money, property or services you receive, typically in return for some service rendered or goods sold. Typical sources of income can include your pay as an employee, your earnings as a ...