Gross income includes salary and wages and other incomes like house rental, interest revenue, dividend income and pension for individuals. For businesses, the gross income or gross profit represents the total sales revenue less any direct costs of goods sold other than other non-operating costs.
For individuals, some income sources are added for calculating the gross income but they are not taxable. These items can be shares or gifts inherited from someone, benefits from social security, payment from life insurance and interest on bonds issued by the state.
XYZ is a calendar-year corporation that began business on January
Charlie was hired by Ajax this year as a corporate executive and
Consider the following letter and answer Shady’s question. To my
Read the following letter and help Shady Slim with his tax situation
Newlyweds Jamie Lee and Ross have had several milestones in the past
Clyde is a cash method taxpayer who reports on a calendar-
Assume Rita’s consulting business generated $13,000 in gross income
George and Weezy received $30,200 of Social Security benefits
Although Hank is retired, he is an excellent handyman and often
Nick and Nora are married and have three children in college.
