Gross Income
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.
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Income , Income
Income is the money that individuals and businesses bring in during a given period as a result of work or investments. If, for example, a pers… Income Tax , An income tax is a portion of an individual or business’s earnings that is collected by the government. The income tax is charged, or levied, as a pe… Tax Reform Act , The Tax Reform Act of 1986 (100 Stat. 2085, 26 U.S.C.A. §§ 47, 1042) made major changes in how income was taxed. The act either altered or eliminated… Negative Income Tax , A negative income tax (NIT) provides an income guarantee to families without other sources of income, but taxes away that guarantee as the family’s e… Regressive Tax , A tax with a rate that decreases as the taxpayer's income increases.
The result of a regressive tax is that the lower-income taxpayer pays a larger p… Disposable Income , Discretionary income is a widely used but imprecise definition of that portion of personal income not spent on actual or perceived necessities. Thus…
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Gross Income