An examiner may require the immediate production of records. Make sure your companyâs data storage and networking infrastructure is up to date. Prepare for unannounced compliance audit by obtaining a copy of an inspection checklist from a specific regulatory or governing agency. Compliance is a multifaceted and complex matter.
Federal taxable income is the adjusted gross income less the deduction for personal exemptions and itemized deductions, which include items such as home mortgage interest, property taxes and charitable donations. Taxable income is the figure used to determine the actual taxes due.
Rating Newest Oldest. Best Answer: No difference. Gross income refers to income from all sources and not yet netted against adjustments or expenses. Total income refers to income from all sources. Net income is what you call it AFTER you've deducted all direct expenses/deductions. (Some answers above are a bit off.