Gross Income

(redirected from Pretax Incomes)
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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 ?
households had inflation-adjusted pretax incomes exceeding $100,000, and another 11.
2 percent of the nation's pretax income in 2013, a record low matched in 2012 and 2011.
As their book's self-consciously controversial title implies, Thomas Nagel and Liam Murphy argue-against "the idea that people's pretax income and wealth are theirs in any morally meaningful sense.