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Gross Income |
Also found in: Dictionary/thesaurus, Medical, Financial, Wikipedia, Hutchinson | 0.04 sec. |
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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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In the ruling, four fact patterns illustrate whether employer-provided transportation benefits provided through smartcards, debit or credit cards or other electronic media are excluded from gross income under Sec. Damages for discrimination and employment-related claims are included in gross income net of the legal fees and costs, but not less than zero under IRC section 62(a)(20). Producer- Agency Agribusiness Funded Total Accounts Accounts Gross income * No. |
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Gross Income