What is Modified Adjusted Gross Income (MAGI)
What Is Modified Adjusted Gross Income Modified adjusted gross income or MAGI is your adjusted gross income but with a few more factors added to …
Income Tax
Active Income Vs Passive Income: The Difference
What are The Types of Income? Everyone in the world needs an income source to survive. There are many ways of earning money in order …
What is Passive Income? Important, Types, Passive Income ideas
What is Passive Income? Passive income is any income you earn without putting any daily effort, unlike active income which needs a daily effort. An …
Studying in Canada? You May Have to Pay Income Tax- Here’s How
Canada is a popular choice for international students. It offers stellar learning and research opportunities as well as a high standard of living, all at …
What is Gross Income? How to Calculate Gross Income
What is Gross Income? Gross income is the total of all wages, salaries, interest payments, profits, rents, and a variety of different forms of earnings, …
What is Taxable Income? How To Calculate Taxable Income
What Is Taxable Income? If an individual exceeds a minimum income according to the government guidelines then that person needs to pay the tax. In …
What is Adjusted Gross Income (AGI)? How To Calculate It
What is Adjusted Gross Income? In the United States income tax system, adjusted gross income (AGI) is an individual’s total gross income excluding specific deductions. …
What is Unearned Income? The Types of Unearned Income
According to IRS the definition “unearned income is the income earned from various sources without indulging in that work which means not being physically present …
What is Ordinary Income? The Types of Ordinary Income
What is Ordinary Income Ordinary income traditionally refers to the income from wages, salaries, commissions, tips, income earned from the business, rents, and excluding all …
What is Personal Income? How Does Personal Income Tax Work?
What is Personal Income? Personal income is an income received by an individual in all possible ways. Personal income comprises wages, salaries, investment interest, dividends, …