What is gross income?

[Achilles]

I’m trying to understand basic financial terms and got a bit confused. What is gross income, and how is it different from net income? Does it include taxes and deductions or not?

 

[robert]

The gross income is the sum total of income received without any deduction for tax payments or expenditures. It consists of wages, salary, bonus, profits from self-employment, rental income, among others. Gross income is useful in determining the level of income and for assessing loan and taxation eligibility.

 

[Aurora]

Gross income is the total money you earn before any deductions like taxes or expenses.

• Includes salary, wages, bonuses, and other earnings
• Does not subtract taxes, bills, or costs

your full earnings before deductions.