For an individual, net income is the total residual amount of income remaining after all personal expenses have been paid for. Personal net income is calculated as the total amount of revenue earned less the total amount of personal expenses. This differs from gross income which limits what can...
Gross national income (GNI) is the total income earned by a country's people and businesses, even if it was earned outside the country. It's a measure of national wealth that can be used as an alternative to gross domestic product (GDP). To calculate GNI, add income from foreign source...
2.(Accounting & Book-keeping) with no deductions for expenses, tax, etc; total:gross sales;gross income. Comparenet21 3.(of personal qualities, tastes, etc) conspicuously coarse or vulgar 4.obviously or exceptionally culpable or wrong; flagrant:gross inefficiency. ...
The gross income for an individual is the amount of money earned before any deductions or taxes are taken out. An individual employed on a full-time basis has their annual salary or wages before tax as their gross income. However, a full-time employee may also have other sources of income...
“Adjusted gross income.” Merriam-Webster.com Legal Dictionary, Merriam-Webster, https://www.merriam-webster.com/legal/adjusted%20gross%20income. Accessed 9 Aug. 2024. Copy Citation Share Post the Definition of adjusted gross income to Facebook Facebook Share the Definition of adjusted gross...
Gross income is referred to as the total sum of money earned by an employee, a business, or a contractor in a specified period of time.
Gross Income: Definition Gross incomeis the income that a business earns over a period of time. Basically, it is the amount a company makes on a product, less direct expenses. Another term for this is gross profit. Here, the profit before other expenses is taken into account. It is impor...
gross income 1.For a business, its total revenues exclusive of any expenses. 2.For an individual, all income except as specifically exempted by the Internal Revenue Code. For example, an inheritance is specifically excluded from gross income. ...
For instance, knowing the difference between gross and net income is essential whether you manage your own business or receive a monthly salary as an employee to evaluate your personal spending or assess the company’s stability. Gross income ...
Gross earnings are also commonly referred to in the financial sector as gross profit or gross income. As noted above, the term has different meanings depending on how it is used. When referring to personal or household income, gross earnings are generally the first line of an employee's pay...