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For a business, gross income (also gross profit, sales profit, or credit sales) is the difference between revenue and the cost of making a product or providing a service, before deducting overheads, payroll, taxation, and interest payments. This is different from operating profit (earnings before interest and taxes). [1]
Under ordinary rules of statutory construction the list of specific items of income would not, even in the absence of the parenthetical intensive, be considered a complete list of all items of income included in "gross income" under the definition. The use of the word "including" also highlights this expansive definition of "gross income."
Gross income is a way of measuring the profit generated from sales alone, using just your total revenue minus the cost to you for the goods you sold. Net income, though, goes a few steps further ...
Gross income is the total amount of money you earn before deductions like FICA tax, employer benefits and contributions to retirement funds. What’s left is your net pay. Adjusted gross income ...
Taxable income is the portion of your gross income that the IRS deems subject to taxes. This includes: ... — are considered income and are therefore subject to income taxes. In order to report ...
Net income is also called net profit. It is calculated as follows: The gross income or revenue is tabulated. Where applicable, the cost of goods sold or cost of operations figure is subtracted from the gross income to yield the gross profit.
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In the United States income tax system, adjusted gross income (AGI) is an individual's total gross income minus specific deductions. [1] It is used to calculate taxable income, which is AGI minus allowances for personal exemptions and itemized deductions. For most individual tax purposes, AGI is more relevant than gross income.