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Gross Income

   Also found in: Dictionary/thesaurus, Medical, Financial, Encyclopedia, Wikipedia 0.01 sec.

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)
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Since 1918, the Internal Revenue Code has excluded from gross income any damages recovered because of personal injury or sickness.
Untangling taxes from personal injury damages by Moxon, Shea / Florida Bar Journal
In their joint return, the president and his wife declared an adjusted gross income of 2,656,902 dollars and paid 855,323 dollars in federal income tax, as well as 77,883 dollars in Illinois state income taxes.
Obamas made 2.65 million dollars in 2008 by AFP / AFP American Edition
The IRS said in a coordinated issue paper that a location tax incentive paid or credited to a business by a unit of state or local government is not included in the business's gross income but rather reduces its tax expense.
Location tax incentive not federal taxable income by Elzweig, Brian; Chambers, Valrie / Journal of Accountancy
 
 
 
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