taxes

What is gross income?

 

What is gross income?

The Bankrate.com financial term of the day is: "gross income."

There's nothing disgusting about gross income. It's good stuff: all the income you make during the year before the amount is reduced by taxes and deductions. If you feel you're taxed too much, you might consider that aspect the part that's really gross. When any of your work is done through a barter system, meaning that you're paid not with money but with goods or services, the fair market value of the goods and services you receive must be included as part of your gross income for tax purposes.

That big number you earn before taxes and deductions results in a smaller number, which is called your gross income.

For answers to all of your tax questions, visit the Taxes section at Bankrate.com.

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