The complete real estate encyclopedia by denise l. Gross income is the total amount of income earned over a period of time often a fiscal quarter or a year.
It is opposed to net income defined as the gross income minus taxes and other deductions e g mandatory pension contributions.
Gross income definition. The concepts and definitions used conform to international guidelines recommended by the international labour organisation. Gross income is essentially the total amount you or a business earns over the course of certain period of time. It is essentially how much the company makes on a product minus expenses directly.
Evans jd o. Copyright 2007 by the mcgraw hill companies inc. From wikipedia the free encyclopedia 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.
However a full time employee may also have other sources of income that must be considered when calculating their income. It s usually measured over a year but companies usually report their gross income on. Gross annual income is the amount of money a person earns in one year before taxes and includes income from all sources.
1 for companies gross income is interchangeable with gross margin or. The total amount of a person s or organization s income in a particular period before tax is paid. Taxable income starts with gross income then certain allowable deductions are.
Concepts and definitions gross monthly income from work refers to income earned from employment. The total revenue of a business or individual before deduction for expenses allowances depreciation or other adjustments. The gross income for an individual is the amount of money earned before any deductions or taxes are taken out.
Gross income definition total revenue received before any deductions or allowances as for rent cost of goods sold taxes etc. An individual employed on a full time basis has their annual salary or wages before tax as their gross income. Gross income is all income from all sources that isn t specifically tax exempt under the internal revenue code.