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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).
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."
National income and output (billions of dollars) Period ending 2003 Gross national product: 11,063.3 Net U.S. income receipts from rest of the world: 55.2 U.S. income receipts: 329.1 U.S. income payments-273.9 Gross domestic product: 11,008.1 Private consumption of fixed capital: 1,135.9 Government consumption of fixed capital
If last year you earned $80,000 in salary, $1,000 in interest income, and $5,000 in sales from your e-commerce business, your gross income for the year would be all of those income sources added ...
Adjusted gross income is an important number used to determine how much you owe in taxes. It's a factor in determining your federal tax bracket and taxable income -- the portion of your income ...
National income (NI) is the sum of employees, proprietors, rental, corporate, interest, and government income less the subsidies government pays to any of those groups. Net national product (NNP) is National Income plus or minus the statistical discrepancy that accumulates when aggregating data from millions of individual reports.
Rental income: Income that is earned by real estate owners who charge rent for the use of their properties. Corporate income: [14] Income that is earned by corporations. Interest income: [15] Income that is earned through the payment of interest on invested funds. Government income: [16] Income earned by the government of a country.
It constitutes approximately 60% of an individual's income and is an essential component of the national income and product accounts. Rent: Rental income earned by individuals from properties they own, such as homes, land, or equipment, is considered part of personal income. Rent accounts for about 2% to 3% of total personal income.