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For households and individuals, gross income is the sum of all wages, salaries, profits, interest payments, rents, and other forms of earnings, before any deductions or taxes. It is opposed to net income, defined as the gross income minus taxes and other deductions (e.g., mandatory pension contributions).
A salary is often discussed or given in terms of "Retribuzione Annuale Lorda" (RAL), similar to gross annual salary. Also a severance pay, "Trattamento di Fine Rapporto" (TFR), is required to be deposited by the employer to be paid to the employee on termination. [17] [18]
Gross pay, also known as gross income, is the total payment that an employee earns before any deductions or taxes are taken out. [6] For employees that are hourly, gross pay is calculated when the rate of hourly pay is multiplied by the total number of regular hours worked.
Gross annual income includes obvious sources of income, such as your wages, bonuses, self-employment income and passive income, which includes rental income, capital gains, interest and dividends. ...
The CPS is the source of the official national estimates of poverty and the most widely cited source of annual household income estimates for the United States. [8] The CPS measure of money income is defined as the total pre-tax cash income received by people on a regular basis, excluding certain lump-sum payments and excluding capital gains.
Annual median equivalised disposable income per person, by OECD country. [ 3 ] The median equivalised disposable income is the median of the disposable income which is equivalised by dividing income by the square root of household size; the square root is used to acknowledge that people sharing accommodation benefit from pooling at least some ...
income from self-employment (often included in operating surplus or gross profit). income of the unemployed. income of those not in the labor force. the value of work by unpaid family workers. property income as contrasted with labour income. taxes payable by the employer to the government in respect of the total gross salary bill.
Some fringe benefits (for example, accident and health plans, and group-term life insurance coverage (up to US$50,000) (and employer-provided meals and lodging in-kind, [22]) may be excluded from the employee's gross income and, therefore, are not subject to federal income tax in the United States. Some function as tax shelters (for example ...