Gross Income

(redirected from Gross Annual Income)
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Gross Income

The financial gains received by an individual or a business during a fiscal year.

For Income Tax purposes, gross income includes any type of monetary benefit paid to an individual or business, whether it be earned as a result of personal services or business activities or produced by investments and capital assets. The valuation of gross income is the first step in computing whether any federal or state income tax is owed by the recipient.

gross income

n. in calculating income tax, the income of an individual or business from all sources before deducting allowable expenses, which will result in net income. (See: income tax)

References in periodicals archive ?
Froma household with less than pounds 25,000 gross annual income ?
Criteria to qualify for the housing includes present housing being substandard or being rented at more than 40 per cent of the renter's income and a gross annual income between $32,000 and $54,000.
For instance, a family of four with a household gross annual income of $55,125 would qualify for the program.
While a family's eligibility is based on its gross annual income, the family's share of the rent is based on its adjusted income--gross income less certain mandatory deductions.
It shows a father with a gross annual income of pounds 23,000 a year paying child support for two children who live with their mum, would pay around pounds 64 a week in support.
According to the report the average house price in 2006 in Middlesbrough was pounds 115,269, average income was pounds 14,929, but the gross annual income needed for a 95% mortgage was pounds 31,287.
Children are entitled to free school meals if their families get Income Support or Child Tax Credit - but not Working Tax Credit - and their gross annual income is less than pounds 14,155.
Luxury Institute surveyed a nationally representative sample of more than 200 households with a minimum gross annual income of $200,000 and a minimum net worth of $750,000.
A business license often requires an annual fee, which may be determined by the studio's gross annual income.
902(b) if the party's gross annual income is less than $50,000, or Florida Family Law Rules of Procedure Form 12.
More than half (56%) of households with a gross annual income of less than pounds 17,500 were opposed to genetic modification, as were 60% of households earning more than pounds 50,000.
For a couple with two school-age children earning an average joint gross annual income of pounds 28,500 - pounds 78 a day - there is little room for luxuries.