12. Beg your pardon? Taxable income is the income subject to taxes.
Not all income is equal. Some is earned; some is capital gains; some is inherited, etc. IRS code has some specific definitions of what income is which type and what rates apply to which.
Then you will have an "adjusted gross income" (line 38 on 2009 1040) which includes adjustments as allowed by IRS code, then you'll have exemptions and deductions depending on forms of income and/or expenses, and on and on until line 41 (2009 1040) which is the taxable income.
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