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 IRS observed that at first glance, the change in the reporting of the contracts from the lease method to the CPP method appeared to involve a permanent difference, because under the CPP method, the taxpayer recognized more gross income and more deductions than under the lease method.
Gross income for the taxable year is determined (see Q 7505 to Q 7526).
* 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.
However, the OCC cautioned that if an individual received gambling winnings despite being a VEP participant, the amount he or she received would be included in gross income.
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.
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.
In determining what constitutes a substantial omission from gross income for purposes of Sec.
On their individual 1993 to 1995 tax returns, Hawley deducted the payments and Gilbert did not include them in her gross income. To avoid being "whipsawed"--having different tax treatments for each party result in its collecting no tax--the IRS inconsistently determined that Hawley could not deduct the payments and that Gilbert must include them in her gross income.
408, the IRS announced its intention to modify the section 861 regulations essentially to eliminate the word "generally," thereby requiring taxpayers to ratably apportion the deduction for charitable contributions to all classes of gross income on an affiliated group basis.
(1) Whose current year's modified adjusted gross income exceeds the prior year's adjusted gross income by more than $40,000