gross income

(redirected from Gross Incomes)
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Gross income

A person's total income prior to exclusions and deductions.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.

gross income

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

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.

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.
Copyright © 2008 H&R Block. All Rights Reserved. Reproduced with permission from H&R Block Glossary
References in periodicals archive ?
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.
(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) She cannot deduct these medical expenses because 7.5 percent of adjusted gross income (exclusion) is $2,694.
In addition, certain LTC insurance premiums and unreimbursed expenses for qualified ETC services (such as nursing home services) are now deductible medical expenses, subject to an annual limit and the normal 7.5%-of-adjusted gross income floor.
The 10% IRA early-withdrawal penalty is waived for withdrawals used for medical expenses, to the extent the withdrawal exceeds 7.5% of adjusted gross income.
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. The court reached this result by distinguishing between "included" and "includible" compensation.
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).
That ruling concluded that because the employer voluntary assumed and paid the employees' portion of contributions, those contributions were employer contributions excludible from the covered employees' gross incomes under Sec.
1.132-7(a)(2) provides that an employer may disregard the cost and revenue of any employee meal that the employer reasonably determines is excludible from gross income under Sec.
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.
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. This conclusion was based on a conventional, uncontroversial Sec.