Gross Income

Definition - What does Gross Income mean?

Gross income refers to the total income of a business or an individual person from all the available sources before allowing for the deduction of the expenses, which gives the figure of net income.

Justipedia explains Gross Income

There are many items that are excluded in calculating gross income. Some of these include compensation received from illness and injuries, Social Security benefits, scholarships, inheritance and gifts and more. Gross income is used particularly in the calculation of income tax.

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