gross income
"Gross income" is a key concept in finance, accounting, and taxation, representing the total earnings before any deductions.
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Definition
B2General Finance
(formal)The total amount of money earned by an individual or business before any deductions, taxes, or expenses.
Example
- Her gross income for the year was $50,000 before taxes and deductions.
C1Taxation
(technical)All income from any source before any tax deductions, as defined by tax laws.
Example
- According to the IRS, you need to report your gross income on your tax return.
C1Accounting
(technical)The total revenue generated from sales or services before subtracting costs and expenses.
Example
- The company's gross income increased by 10% this quarter.
Similar
Terms that have similar or relatively close meanings to "gross income":
gross paynet incomein grossnet earningsgross weightfixed income