Definitions for gross income
gross income

WiktionaryRate this definition:0.0 / 0 votes

1. gross incomenoun

   Income generated before deducting expenses, taxes, insurance, etc.

2. gross incomenoun

   In United States tax law, income that is subject to taxation under the Internal Revenue Code (see Internal Revenue Code 61).

WikipediaRate this definition:0.0 / 0 votes

1. Gross income

   For households and individuals, gross income is the sum of all wages, salaries, profits, interest payments, rents, and other forms of earnings, before any deductions or taxes. It is opposed to net income, defined as the gross income minus taxes and other deductions (e.g., mandatory pension contributions). For a firm, gross income (also gross profit, sales profit, or credit sales) is the difference between revenue and the cost of making a product or providing a service, before deducting overheads, payroll, taxation, and interest payments. This is different from operating profit (earnings before interest and taxes). Gross margin is often used interchangeably with gross profit, but the terms are different. When speaking about a monetary amount, it is technically correct to use the term gross profit; when referring to a percentage or ratio, it is correct to use gross margin. In other words, gross margin is a percentage value, while gross profit is a monetary value.

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1. Gross income

   Gross income in United States tax law is receipts and gains from all sources less cost of goods sold. Gross income is the starting point for determining Federal and state income tax of individuals, corporations, estates and trusts, whether resident or nonresident. "Except as otherwise provided" by law, Gross income means "all income from whatever source," and is not limited to cash received. However, tax regulations expand on this and say "all income from whatever source derived, unless excluded by law." The amount of income recognized is generally the value received or which the taxpayer has a right to receive. Certain types of income are specifically excluded from gross income. The time at which gross income becomes taxable is determined under Federal tax rules, which differ in some cases from financial accounting rules.

How to pronounce gross income?

1. Alex

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How to say gross income in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of gross income in Chaldean Numerology is: 7

2. Pythagorean Numerology

   The numerical value of gross income in Pythagorean Numerology is: 2

Examples of gross income in a Sentence

1. Josh Hawley:

   Senate Minority Leader Chuck Schumer said Capitol Hill Saturday. The current draft legislation, rolled out by the Senate GOP andobtained by Fox News on Thursday, would provide payments of up to $ 1,200 per person. They would be phased down at adjusted gross income thresholds of $ 75,000 for individuals and $ 150,000 per couple. Additionally, there would be $ 500 payments for each child. The amount, though, is slated to then be reduced by $ 5 for each $ 100 a taxpayers income exceeds the legislations threshold. The amount is reduced to zero for single taxpayers with incomes exceeding $ 99,000 and $ 198,000 for joint filers. The legislation also outlined $ 300 billion for small businesses to keep furloughed and laid-off workers on the payroll and $ 208 billion in loans to airlines and other industries. Some Republicans have objected to certain measures outlined in the bill, and most Democrats, including Senate Minority Leader Chuck Schumer, have sounded the alarm saying the measure does not go far enough in protecting American families, and is too focused on corporations. Sen. Josh Hawley, R-Mo., introduced an amendment to McConnells plan on Saturday, which aimed to expand relief forlow-income and middle-income Americans.Hawleys plan lowers the threshold for Americans to qualify for the $ 1,200 relief. In order to qualify, under Josh Hawley amendment, an individual must be a U.S. citizen with a Social Security number. Under McConnells plan, an individual must file taxes and have an income greater than $ 0 in order to qualify, which Josh Hawley says leaves behind Americans who are disabled, or living in public housing that dont file taxes due to not having any true income of their own. During this emergency our focus should be on helping every American who needs it, including especially our most vulnerable citizens, excluding or penalizing families with lower incomes doesnt make sense. Congress should prioritize lower-income and middle-class families through this crisis. Meanwhile, White House Legislative Affairs Director Eric Ueland declined to share specific details Capitol Hill Saturday on whether all GOP senators were on board with the ongoing discussions over the stimulus package.

References

1. ^ Wiktionary
   https://en.wiktionary.org/wiki/Gross_Income
2. ^ Wikipedia
   https://en.wikipedia.org/wiki/Gross_Income
3. ^ Wikidata
   https://www.wikidata.org/w/index.php?search=gross income