gross income

(redirected from Gross Incomes)
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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.
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.
83(a), enacted in 1969, requires that, in connection with the performance of services, if property is transferred to any person other than the service recipient (the person for whom the services are performed), the property shall be included in the gross income of the service provider (the employee or independent contractor who performed the services).
162 compensation deduction equal to "the amount included" in the service provider's gross income.
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.
132(e) excludes employer-provided de minimis fringe benefits from employees' gross income.
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.
This provision is an exception to the general rule for deferred compensation and deferred benefits pursuant to which an employer is allowed a deduction for the taxable year of the employer in which ends the taxable year of the employee in which the compensation or benefit is includible in gross income.
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.