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In U.S. business and financial accounting, income is generally defined by Generally Accepted Accounting Principles (GAAP) and the Financial Accounting Standards Board as: Revenues – Expenses; however, many people use it as shorthand for net income, which is the amount of money that a company earns after covering all of its costs as well as taxes.
The use of the word "including" also highlights this expansive definition of "gross income." Under Internal Revenue Code § 7701(c) , "[t]he terms 'includes' and 'including' when used in a definition contained in this title shall not be deemed to exclude other things otherwise within the meaning of the term defined."
The term "income" is not defined in the Internal Revenue Code. The closest that Congress comes to defining income is found in the definition of "gross income" in Internal Revenue Code section 61, which is largely unchanged from its predecessor, the original Section 22(a) definition of income in the Revenue Act of 1913: Sec. 22(a).
With respect to the federal income tax on individuals, the 1954 Code imposed a progressive tax with 24 income brackets applying to tax rates ranging from 20% to 91%. For example, the following is a schedule showing the federal marginal income tax rate imposed on each level of taxable income of a single (unmarried) individual under the 1954 Code:
Wex is a collaboratively-edited legal dictionary and encyclopaedia, [3] intended for broad use by "practically everyone, even law students and lawyers entering new areas of law". [ 4 ] It is sponsored and hosted by the Legal Information Institute ("LII") at the Cornell Law School . [ 4 ]
“The bottom line is your income doesn’t determine wealth,” he said. “Because if you make $200,000 a year and you owe $300,000 on your cars, and your student loans and your other stuff and ...
An extremely important definition of income is Haig–Simons income, which defines income as Consumption + Change in net worth and is widely used in economics. [ 2 ] For households and individuals in the United States , income is defined by tax law as a sum that includes any wage , salary , profit , interest payment, rent , or other form of ...
The Cornell Journal of Law and Public Policy (JLPP) is a law review published by students at Cornell Law School.Founded in 1991, [1] JLPP publishes articles, commentaries, book reviews, and student notes that explore the intersections of law, government, public policy, and the social sciences, with a focus on current domestic issues and their implications.