GROSSINCOME

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.

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gross income

Noun

  1. Income generated before deducting expenses, taxes, insurance, etc.
  2. In United States tax law, income that is subject to taxation under the Internal Revenue Code (see ).


The above text is a snippet from Wiktionary: gross income
and as such is available under the Creative Commons Attribution/Share-Alike License.

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