Gross Income

(redirected from Before-Tax Incomes)
Also found in: Financial.

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 ?
To the extent that cuts in the top marginal tax rates of the highest-income people cause any increase in their labor supply--and he must think they do, or else he would not say that the Laffer curve is "obvious"--this added labor supply will cause their before-tax incomes to fall, reducing income inequality.
We take their before-tax incomes from the SCF and apply the existing federal and Ontario provincial tax codes in order to compute their personal income tax payments.
12) Further confirmation is found in a survey sponsored by the Investment Company Institute, which found that 25 percent of households that reported owning mutual funds had before-tax incomes of less than $35,000 while another 18 percent had incomes of more than $35,000 but less than $50,000.
Five income categories are defined ($0-$4,999; $5,000-$9,999; $10,000-$19,999; $20,000-$39,999; and $40,000 and above); and those with before-tax incomes between $0 and $4,999 constitute the reference category.