MSGID: 1:2320/105.1 3ee956d5 
> Wrong again. Gross is gross, and net is net. Charitable deductions do not
> lower what you called his gross income (which actually was his gross
> TAXABLE income, since it excludes any income from tax EXEMPT sources,
> which is where this exchange STARTED). Charitable deductions would be
> deducted FROM the 11 million that you called his gross.

This is correct.  Gross includes all income streams, gross taxable is gross
minus income from exempt sources.  Adjusted gross is the gross taxable minus
things (expenses, fees, student loan interest, etc.) that you have paid out
that the government does not tax you for.  Taxable income is the AGI minus
deductions, either itemized (like charitable contributions, mortgage interest
paid, property tax, etc.), or the standard deduction allowed by tax law,
usually whichever is greater.

Taxable income is the number they figure your tax liability from.

I have always thought of NET as the amount I take home after they deduct
everything from my check.  To my recollection, I have never had to put my NET
on any tax forms as that is not the income they work from when figuring taxes.

Mike

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 * SLMR 2.1a * "Buck McCoy?!?  He was bigger than opium!"


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