Is taxable income the same as income tax paid?
I'm filling out an application for financial aid and they want my income tax paid for the year. They say its on line 35 but line 35 says 0, is that right or did they give me the wrong line by mistake? There is another line, 27, that says its my taxable income thats 11000, would that be it?
Public Comments
- no - taxable income is the total amount of income that is considered taxable. income taxes paid is the amount you paid in income taxes.
- Taxable income is the money you were paid after any allowed deductions from the government. Tax is the amount of money you owed the government for your taxable income. If you made $11,000 it is possible that your tax owed was $0.
- Taxable income is different from tax paid. If you have a child that you claimed, your tax could well be zero with a taxable income of $11,000.
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