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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).
Section 61 of the Internal Revenue Code (IRC 61, 26 U.S.C. § 61) defines "gross income," the starting point for determining which items of income are taxable for federal income tax purposes in the United States. Section 61 states that "[e]xcept as otherwise provided in this subtitle, gross income means all income from whatever source derived
Definition of gross income (before deductions), including items specifically taxable 101–140: Specific exclusions from gross income 141–149: Private activity bonds 151–153: Personal exemptions; dependent defined 161–199: Deductions, including interest, taxes, losses, and business related items 211–224: Itemized deductions for ...
Common itemized deductions include state and local income taxes, charitable contributions, mortgage interest and medical expenses in excess of 10% of your adjusted gross income. Individually ...
Modified adjusted gross income adds back in some of the deductions you took to calculate your AGI, such as the student loan interest deduction, IRA contribution deduction and the tuition and fees ...
AGI, or Adjusted Gross Income, is your total income, including wages, interest, dividends and capital gains, minus specific deductions or adjustments. Your AGI is used to calculate the portion of ...
In accounting, revenue is a subsection of the equity section of the balance statement, since it increases equity. It is often referred to as the "top line" due to its position at the very top of the income statement. This is to be contrasted with the "bottom line" which denotes net income (gross revenues minus total expenses). [3]
Taxable income refers to the base upon which an income tax system imposes tax. [1] In other words, the income over which the government imposed tax. Generally, it includes some or all items of income and is reduced by expenses and other deductions. [2] The amounts included as income, expenses, and other deductions vary by country or system.