Gross Income Legal Meaning and Definition

Here is a simplified definition of the legal term Gross Income.

Gross Income (noun)

Gross income refers to the total amount of money earned by an individual or a business before taking into account any deductions or tax relief. This could include wages, salaries, bonuses, interest, dividends, rental income, or other forms of revenue. The amount of gross income is important as it is often the starting point for calculating taxes owed.