Gross Income

Gross Income

Gross Income means:
the total of a taxpayer's income from any source, except items specifically excluded by the Internal Revenue Code and other items not subject to tax. Former IRC (check if this IRC provision is current here) §61. See Gross Income and Gross Income.

Money, goods, services, and property a person receives that must be reported on a tax return. Includes unemployment compensation and certain scholarships. It does not include welfare benefits and nontaxable Social Security benefits. TAXES ON GROSS INCOME: In some countries income taxes are levied on gross income (usually at low rates) without deduction for expenses.

U.S. and other Developed Countries International Tax Meaning

Gross receipts, whether in the form of cash or property, of the taxpayer received as compensation for independent personal services, and the gross receipts of the taxpayer derived from a trade, business or services, including interest, dividends, royalties, rentals, fees or otherwise.

Gross Income and California Tax

For more information about taxes in California, click here. All income you received in the form of money, goods, property, and services from all sources that are not exempt from tax. Gross income does not include any adjustments or deductions.

Description and Definition of Gross Income

The total amount of income received from all sources before adjustments, deductions, or exemptions. Gross income deals with all the money, goods and property you receive that must be included as taxable income. People who use the barter system exchanging non-monetary goods and/or services as payment have to include whatever they've bartered for as part of their gross income.


See Also

Further Reading






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