Gross Income

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Related to Gross Income: cash flow, Taxable income, Debt To Income Ratio

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 ?
However, the OCC cautioned that if an individual received gambling winnings despite being a VEP participant, the amount he or she received would be included in gross income.
The IRS reasoned that because IRC Section 61(a)'s standard definition of "gross income" includes "gains derived from dealings in property," and because such gains are ordinarily calculated by subtracting basis from the amount realized, "outside the context of a trade or business, any basis overstatement that leads to an understatement of gross income under Section 61(a) constitutes an omission from gross income for purposes of Sections 6501(e)(1) (A) and 6229(c)(2).
Adjusted gross income 138,395 8,030,843 142,979 8,687,719
All other damages received are included in gross income in full, including the amounts that may have been paid directly to the attorneys.
If only certain executives are eligible to receive an early distribution of their deferrals that is not permitted under the new rules, however, only those executives would be required to include in their gross income currently all of the amounts that were deferred for them under the plan.
2) Her accountant tells her that only $5,520 of her $9,600 Social Security income is considered taxable--resulting in an adjusted gross income (for tax purposes) of $35,920.
On December 15, the IRS released final regulations defining an omission from gross income for purposes of the six-year minimum period for assessment of tax attributable to partnership items and the six-year period for assessing tax (T.
It can deduct IRC section 62 expenses from its gross income to arrive at adjusted gross income and is then permitted the section 63 itemized deductions from adjusted gross income.
2004-55, IRB 2004-26, June 28, 2004, considered the following issue: Under an "Amended Plan" (described below), are long-term disability benefits received by an employee, who becomes disabled, excludable from the employee's gross income under Sec.
In determining adjusted gross income, a deduction from gross income is permitted under section 62(a)(2)(A) for expenses paid or incurred by a taxpayer in connection with the performance of services as an employee under an "accountable" employer reimbursement plan.