deductions from gross income
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Gross income — is commonly defined as the amount of a company s or a person s income before all deductions or any taxpayer’s income, except that which is specifically excluded by the Internal Revenue Code, before taking deductions or taxes into account. For a… … Wikipedia
Adjusted Gross Income — (AGI) is a United States tax term for an amount used in the calculation of an individual s income tax liability. AGI is calculated by taking an individuals gross income and subtracting the income tax code s enumerated deductions, and is an… … Wikipedia
gross income — n: all income derived from any source except for items specifically excluded by law ◇ Section 61 of the Internal Revenue Code lists fifteen nonexclusive items that should be included in gross income. They are (1) compensation for services,… … Law dictionary
gross income — Under I.R.C. Section 61(a) gross income means all income from whatever source derived, including (but not limited to) the following items: (1) Compensation for services, including fees, commissions, and similar items; (2) Gross income derived… … Black's law dictionary
gross income — Under I.R.C. Section 61(a) gross income means all income from whatever source derived, including (but not limited to) the following items: (1) Compensation for services, including fees, commissions, and similar items; (2) Gross income derived… … Black's law dictionary
gross income — noun 1. : the total of all revenue or receipts usually for a given period except receipts or returns of capital 2. : all income derived from any source except for items specifically excluded by law and deductions of certain outlays (as cost of… … Useful english dictionary
gross income — A person s total income prior to exclusions and deductions. Bloomberg Financial Dictionary * * * gross income gross income ➔ income * * * gross income UK US noun [U] FINANCE, TAX, ACCOUNTING ► the total amount of a person’s or organization’s… … Financial and business terms
Gross Income — 1. An individual s total personal income before taking taxes or deductions into account. 2. A company s revenue minus cost of goods sold. Also called gross margin and gross profit . 1. Your gross income is how much you make before taxes. It is… … Investment dictionary
gross income — The whole or entire profit arising from a business or pursuit. Braun s Appeal, 105 Pa 414, 415. For income tax purposes: the total income of the taxpayer; the income from all sources without deductions or allowance for exemptions; the total of… … Ballentine's law dictionary
Adjusted gross income — Part of a series on Taxation Taxation in the United States … Wikipedia
gross income — 1) The income of a person or an organization before the deduction of the expenses incurred in earning it. 2) Income that is liable to tax but from which the tax has not been deducted. For many types of income, tax may be deducted at source (see… … Big dictionary of business and management
