Gross income
- It refers to the total income of a person or business from all resources
- It is without deductions yet
- Total profit before deductions
- From all sources which means it is not just limited to the income via cash but also includes all the property and services received.
For individuals:
- it is consist of the income which is the wages, salary, pensions, interests, rental and dividends.
For Business:
- Includes the revenue less the cost of goods sold.
- Except the other costs in the business
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