What Is Gross Income?
Definition:
Gross income is the amount of money, typically on a paycheck, before payroll taxes.
Total gross income comes from other sources as well:
- Consistently selling on eBay, Craig's list or other online storefronts. Income from profits is (original cost of item) - (amount sold for).
- Selling items at a swap meet, craft fair or other venue, even if the activities are a hobby.
- Rental property income.
- Self employment, consulting and side jobs.
- Interest, dividends and capital gains from investments.
Examples:
The gross amount of my paycheck is $800, which is my hourly wage multiplied by hours worked. But, I take home only $675 in net income.
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