Gross Income

Moneybestpal Team

The phrase "gross income" is used in accounting and finance to describe the total income received by an individual or business before any deductions are made. 

It is a pre-tax amount that accounts for all sources of income, including wages, salaries, bonuses, tips, interest, dividends, and capital gains.

Gross income for an individual is the sum of all their earnings from all sources of income. This covers earnings from employment, capital gains, and any other sources of income. Gross income is taken into account when calculating a person's tax obligation as well as their eligibility for specific tax breaks and credits.

Gross income for businesses refers to the whole amount of money received from the sale of products or services before any costs have been taken into account. This number is significant as it is used to determine a company's gross profit margin, which serves as a measure of profitability. A company's tax liabilities and financial success are both evaluated using gross income.

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