What does gross income mean?

Looking for the meaning or definition of the word gross income? Here's what it means.

Noun Income generated before deducting expenses, taxes, insurance, etc. In United States tax law, income that is subject to taxation under the Internal Revenue Code (see Internal Revenue Code 61). Find more words! 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Unlike the business expenses of a self-employed individual, such expenses are not set off against gross income, thereby reducing total income. Generally, under this method, 15 percent of the taxpayer's gross income from an oil or gas producing property is deductible each tax year. The Cabinet is most likely to stand by its commitments concerning profit tax and gross income tax. In other countries more than half of a gross income increase is translated into a net increase. Companies whose deductions exceed gross income for 2001 and 2002 will be allowed to carry the deductions back and re-file taxes for past years. See Also What is another word for gross income? What is the opposite of gross income? Sentences with the word gross income Words that rhyme with gross income What is the plural of gross income? Nearby Definitions grossification grossetto grossetti Grosseto Grosseth grossest gross incomes gross indecencies grossing grossite Grosskopf Grosskopfs