Gross 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 ?
Community Lending is a specialized Fremont Bank department with dedicated loan agents who reach out to communities by making loans to borrowers who reside in specific geographical census tract areas or who have gross annual incomes not exceeding 80 percent of the median family income.
Nearly one-half of Louisiana's seniors had gross annual incomes below $30,000 in 2012, with an average pre-tax household income of $16,211.
For more than eight years, the Accelerator program has taken first-stage business leaders with gross annual incomes ranging between US$250,000 and US$1 million, and turned them into industry leaders.