Gross income

gross profitgrossgrossedgross operating profitgross investment incomeProfitgross annual commissiongross paygrossingincome
For households and individuals, gross income is the sum of all wages, salaries, profits, interest payments, rents, and other forms of earnings, before any deductions or taxes.wikipedia
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Payroll

paycheckpaypay stub
For a firm, gross income (also gross profit, sales profit, or credit sales) is the difference between revenue and the cost of making a product or providing a service, before deducting overheads, payroll, taxation, and interest payments.
The first component is gross pay, or gross income.

Income tax in the United States

federal income taxincome taxincome taxes
Individuals, corporations, members of partnerships, estates, trusts, and their beneficiaries ("taxpayers") are subject to income tax in the United States.
Taxable income is gross income as adjusted minus deductions.

Revenue

turnoverrevenuesgross revenue
For a firm, gross income (also gross profit, sales profit, or credit sales) is the difference between revenue and the cost of making a product or providing a service, before deducting overheads, payroll, taxation, and interest payments.

Net income

net profitbottom linenet
It is opposed to net income, defined as the gross income minus taxes and other deductions (e.g., mandatory pension contributions).
It is different from the gross income, which only deducts the cost of goods sold.

Tax deduction

tax-deductibledeductionstax deductible
The amount on which tax is computed, taxable income, equals gross income less allowable tax deductions.

Taxable income

exemptionincomeIRC §63
The amount on which tax is computed, taxable income, equals gross income less allowable tax deductions.
In the United States, gross income includes all income realized from whatever source, but excludes particular tax exempt items, such as municipal bond interest.

Adjusted gross income

Modified Adjusted Gross Incomebusiness income
In the United States income tax system, adjusted gross income (AGI) is an individual's total gross income minus specific deductions.

Cafeteria plan

cafeteriacafeteria plansSection 125
Qualified cafeteria plans are excluded from gross income.

Income statement

lossprofit and lossP&L
The Multi-Step income statement takes several steps to find the bottom line: starting with the gross profit, then calculating operating expenses.

Amount realized

It is one of two variables in the formula used to compute gains and losses to determine gross income for income tax purposes.

Overhead (business)

overheadoverheadsoverhead costs
For a firm, gross income (also gross profit, sales profit, or credit sales) is the difference between revenue and the cost of making a product or providing a service, before deducting overheads, payroll, taxation, and interest payments.

Tax

taxationtaxeslevy
For a firm, gross income (also gross profit, sales profit, or credit sales) is the difference between revenue and the cost of making a product or providing a service, before deducting overheads, payroll, taxation, and interest payments.

Interest

simple interestrate of interestinterest rates
For a firm, gross income (also gross profit, sales profit, or credit sales) is the difference between revenue and the cost of making a product or providing a service, before deducting overheads, payroll, taxation, and interest payments.

Gross margin

gross profit marginmarginsmargin
Gross margin is often used interchangeably with Gross Profit, but the terms are different.

Cost of goods sold

production costproduction costsCost of sales
(Note: Cost of goods sold is calculated differently for a merchandising business than for a manufacturer.)

Merchandising

merchandisemerchandisedmerchandizing
(Note: Cost of goods sold is calculated differently for a merchandising business than for a manufacturer.)

Manufacturing

manufacturermanufacturemanufacturers
(Note: Cost of goods sold is calculated differently for a merchandising business than for a manufacturer.)

Earnings before interest and taxes

operating incomeoperating profitEBIT
This is different from operating profit (earnings before interest and taxes).

Internal Revenue Code

Internal Revenue Code of 1986U.S. tax codeInternal Revenue Code of 1954
Under the U.S. Internal Revenue Code, "Except as otherwise provided" by law, gross income means "all income from whatever source derived," and is not limited to cash received.

Supreme Court of the United States

United States Supreme CourtU.S. Supreme CourtSupreme Court
An early Supreme Court case stated, "Income may be defined as the gain derived from capital, from labor, or from both combined, provided it is understood to include profit gained through a sale or conversion of capital assets."