gross income


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Related to gross income: cash flow, Taxable income, Debt To Income Ratio

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 ?
In September 2012, the IRS sent the Barketts a notice of deficiency for 2006 to 2009, in which it alleged that the couple omitted from their 2006 and 2007 returns gross income of $629,850 and $431,957, respectively.
Sources of Net Losses Included in Adjusted Gross Income, Tax Years 2006
Personal injury claims where the proceeds are excluded from gross income under IRC section 104(a)(2).
Participants with respect to whom a nonqualified deferred compensation plan fails to satisfy the requirements of section 409A must pay interest and an additional tax on the amount required to be included in gross income, in addition to paying tax currently on the compensation deferred under the plan.
Sales revenue of trade business increased by $7,500,000 USD, gross income increased by $450,000 USD.
61-6(a), gross income includes gains derived from dealings in property, which arc defined as "the excess of the amount realized over the unrecovered cost or other basis for the property sold or exchanged.
The employer also may provide that long-term disability premiums will automatically be included in the employee's gross income unless the employee affirmatively elects otherwise before a new plan year begins.
In addition to the administrative difficulties of issuing corrected W-2 Forms, all affected employers would be subject to interest and penalties for failing to report the reimbursed travel cost and mileage awarded as gross income.
Remember that adjusted gross income is not how much you make a year.
Although the Legislature "could have adopted a different measure to define high income tenants," he concluded, "petitioners failed to meet their burden of establishing that the decision to adopt adjusted gross income as the measure in defining 'high income' was arbitrary or capricious.
But what would have happened if the trust had purchased the property with amounts that were gross income in the past?
On their individual 1993 to 1995 tax returns, Hawley deducted the payments and Gilbert did not include them in her gross income.