gross income

noun

plural gross incomes

: all income derived from any source except for items specifically excluded by law

Calculate your monthly gross income—the amount before taxes and deductions.

—Chris Kissell

Traditionally, common knowledge is that no more than 30% of a household's gross income should be spent on housing.

—Aaron Marbone

Word History

First Known Use

1800, in the meaning defined above

Rhymes for gross income

• callosum
• nodosum
• overcome
• pyrethrum
• saccharum
• abomasum
• become
• checksum
• humdrum
• outcome
• pisum
• succumb

Legal Definition

gross income

noun

: all income derived from any source except for items specifically excluded by law

Note: Section 61 of the Internal Revenue Code lists fifteen nonexclusive items that should be included in gross income. They are (1) compensation for services, including fringe benefits and commissions; (2) gross income derived from business; (3) gains derived from dealings in property; (4) interest; (5) rents; (6) royalties; (7) dividends; (8) alimony and separate maintenance payments; (9) annuities; (10) income from life insurance and contracts for endowment insurance; (11) pensions; (12) income from discharge of a debt; (13) distributive share of partnership gross income; (14) income received (as by an estate or heir) by reason of a person's death; and (15) income from an interest in an estate or trust.