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 ?
In thousands except per share data) Twelve Months Ended March 31, 2004 2003 Sales $61,836 $ 65,592 Gross Margin 29,530 29,629 Pre Tax Income 1,811 1,448 Net Income 1,652 2,301 Preferred Stock Dividend 426 386 Income Applicable to 1,226 1,915 Common Stock Income Per Common Share Basic $0.
2 million and pre tax income of $161,000 for its last fiscal year ended September 30, 1995 and $13.
Commenting on the significant improvement in revenues and pre tax income in the first quarter, Irwin Selinger, chairman and chief executive officer, said "the 35 percent increase in revenues and the significant growth in pre tax income were attributable to the company's strategy of increasing our product base and offering our customers fast, efficient delivery of quality products at competitive prices.