gross income

(redirected from Gross Incomes)
Also found in: Legal, Wikipedia.

Gross income

A person's total income prior to exclusions and deductions.

Gross Income

An individual or company's income before taxes and deductions. For individual income, it is calculated as the individual's wages or salary, investment and asset appreciation, and the amount made from any other source of income. In a company, it is calculated as revenues minus expenses. An individual's gross income is important to determining eligibility for certain social programs, while a company's gross income is one measure among many of how well it uses its resources to produce a profit. See also: Adjusted gross income.

gross income

1. For a business, its total revenues exclusive of any expenses.
2. For an individual, all income except as specifically exempted by the Internal Revenue Code. For example, an inheritance is specifically excluded from gross income.

gross income

The total revenue of a business or individual before deduction for expenses, allowances,depreciation,or other adjustments.

Gross Income

Total worldwide income received in the form of money, property, or services that is subject to tax unless specifically exempt or excluded by law.
References in periodicals archive ?
2) Her accountant tells her that only $5,520 of her $9,600 Social Security income is considered taxable--resulting in an adjusted gross income (for tax purposes) of $35,920.
5 percent of adjusted gross income (exclusion) is $2,694.
By comparison, those reporting dividend income comprised 40 percent of the filers with adjusted gross incomes of $50,000 to $74,999, 54 percent of the filers in the $75,000 to $99,999 category and 66 percent of those in the $100,000 to $199,999 bracket.
The greatest growth in investment in municipal bonds came from individuals with adjusted gross incomes between $50,000 and $74,999.
Venture Funding argued that the stock was includible, meaning that the employees were required to include it in their gross incomes.
19 (1998), a reviewed opinion, the Tax Court ruled, by a 10-7 vote, that an employer cannot deduct property transferred to employees as compensation for services unless the employees included the property in gross income.
Also, this regulation contains the following important rule: the meals' revenues and costs can be disregarded for purposes of the revenue/operating cost test for all meals excludible from the employees' gross incomes under Sec.
119(a) allows an exclusion from employees' gross incomes for the value of meals furnished to employees by the employer on the employer's business premises if the meals are provided for the employer's convenience.
The National Office agreed that securing vacation pay promises with a letter of credit resulted in immediate inclusion of the pay in employees' gross income.
Accordingly, we have concluded that, under the rules of section 83 of the Code, the fair market value of those interests was includible in the employees' gross income for 1992 as of the date that those interests were transferred.
Z filed an amended return excluding the contingency fees from gross income and requested a refund of $55,489, which the IRS denied.
At issue is whether fees paid directly to an attorney under a contingency agreement should be excluded from the client's gross income because it is the attorney's income and not the client's.