Gross Income

(redirected from Pretax 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.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.

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)

Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved.
References in periodicals archive ?
households had inflation-adjusted pretax incomes exceeding $100,000, and another 11.9 percent had incomes between $75,000 and $100,000.
The poorest fifth of Americans received only 3.2 percent of the nation's pretax income in 2013, a record low matched in 2012 and 2011.
purposes, in calculating G'S and S'S pretax incomes. (This is because $100-$60 of pretax German income (equal to the $40 in fact reported for local German purposes) is allocated 75%/25%, $20 plus $60 of Swiss income (equal to the $80 reported for local Swiss purposes) is allocated 50%/50%, and the $16 German taxes and $8 Swiss taxes are allocated 75%/25% and 50%/50%, respectively).
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." Like Hobbes, they oppose the notion that anyone can do anything without the state.