Gross income for an individual—also known as gross pay when it’s on a paycheck—is the individual’s total pay from their employer before taxes or other deductions. This includes income from all sources and is not limited to income received in cash; it also includes property or services received. Gross annual income is the amount of money that a person earns in one year before taxes and includes income from all sources.1
For companies, gross income is interchangeable with gross margin or gross profit. A company’s gross income, found on the income statement, is the revenue from all sources minus the firm’s cost of goods sold (COGS).
101 Accounting Action Guide Bookmayor Business business and enterprenursip business communication Business Management Business Principles Creativity Critical thinking Economics Emotional Intelligence Entrepreneurship Finance General Guides and Advice Headline Health Human Resource Management Innovation Insurance Investment Law Leadership Marketing Networking Nutrition Personal Development PLR, MRR and RR Productivity Relationship Strategy Tips