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 ?
These savings are even more dramatic for seniors with gross incomes of $50,000 +.
5 percent of your adjusted gross income from your medical expenses to figure your allowable medical expense deduction.
In addition, the credit is phased out for taxpayers with modified adjusted gross incomes above $75,000, with full phase-out at $115,000.
LTC proceeds received on account of personal injuries or sickness are generally excludable, subject to a per diem cap; employer contributions to an LTC insurance plan are excludable from an employee's gross income, as are benefits paid by an indemnity-type LTC policy.
Also, the employees did not include any of this compensation in their gross incomes.
Venture Funding argued that the stock was includible, meaning that the employees were required to include it in their gross incomes.
274(n)(2)(B), which allows a 100% deduction for the cost of meals excludible from the recipients' gross incomes under Sec.
Also, this regulation contains the following important rule: the meals' revenues and costs can be disregarded for purposes of the revenue/operating cost test for all meals excludible from the employees' gross incomes under Sec.
Thus, as indicated by the referenced legislative history, even if the fair market value of deferred vacation pay becomes includible in the gross incomes of employees (for example, by reason of certain types of security arrangements under the rules of section 83, such vacation pay is not deductible by their employer, under the rules of section 404(a)(5) until it is paid to the employees.
On Z's original 1998 Federal income tax return, he included the entire judgment in adjusted gross income (AGI), including the amounts paid as attorneys' fees.