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.

This list of income that could contribute to total gross income is not complete. Tax software will help you to find all reportable income by asking questions in the tax interview, or you can ask an accountant for advice.

• How to Track Income in Personal Finance Software

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.