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 ?
The Court added, however, that this does not preclude an exclusion from gross income under section 104(a)(2) for damages received as a result of discrimination claims made under another statute that provided tort-like remedies.
The 60-percent passive gross income threshold is proposed for PFCs apparently because such a threshold is contained in the foreign personal holding company (FPHC) rules, which are targeted at ending tax deferral by individuals.
Gross income for the corresponding period last year was $2,053,098 with net income of $1,378,018.
gross income without the benefit of deducting expenses incurred to generate gross income.
The taxpayer argued that deductions "which are attributable to" property held for the production of rents or royalties are allowed by IRC section 161 in arriving at adjusted gross income.
861-8 regulations have long provided that deductions definitley related to a class of gross income are to be allocated to that class and that such determinations are to be made on the basis of the factual relationship of the deductions to gross income.
THE poorest 10% of households pay almost half of their gross income in tax, analysis by a campaign group has claimed.
The TaxPayers' Alliance research found that direct and indirect taxes accounted for an average 47% of the gross income of the poorest 10% of households, with VAT accounting for the biggest share of the bill.
The IRS's Office of Chief Counsel (OCC) advised that gambling winnings that a taxpayer surrenders to a state as part of a program intended to help treat gambling addiction do not have to be reported by a casino to the taxpayer on Form W-2G, Certain Gambling Winnings, and are not includible in gross income by the =payer.
A six-year statute of limitations applies for income taxes if the taxpayer omits from gross income an amount exceeding 25 percent of the gross income reported in the return.