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Additional Details
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Additional Details
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Americka S | What is gross income and what is net? |
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PepsiLime
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Gross income is before taxes and deductions, and net income is after taxes and deductions. |
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Anti-Life
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Gross is what you make overall, and net is what is left after expensives. |
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myrtleworley
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Gross income is what you earn before any deductions for taxes, insurance, etc. Net income is after all deductions, taxes, insurance, etc. |
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witchnanny
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Your gross income is what you earn before tax. Your net income is what is left after tax has been deducted. |
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Info@bcbsinc.com
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This answer will apply to individual Gross Income Only:
Gross income is all income you receive in the form of money, goods, property, and services that is not exempt from tax. If you are married and live with your spouse in a community property state, half of any income defined by state law as community income may be considered yours. The community property states are Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. For more information about community property, see IRS Publication 555, Community Property.
Source Http://www.irs.gov - PS. This is not the Adjusted Gross Income. Adjusted Gross may include Social Security benes, income from trade or business, rental income, etc. etc. etc. We could go on for days to figure out the actual Adjusted Gross definition I'm sure.
Net income is after all taxes have been levied but not so in the business sense though.
If employee, Gross will include all amounts for working including bonus etc. net will include after all taxes have been paid on that income and deducted from check, after all withdraws for pre-tax earnings and otherwise such as contributions to retirement plans, health plans, etc. plans, and contributions to United Way or Red Cross for example, etc. etc. charitable Contributions.
The Internal Revenue Code is complex and so is the answers in most cases. I'm sure you will have no problem looking at what is what though based on all the information provided.
PS: As I noted in opening, these definitions may not apply to businesses.
For example only:
As with IRS Form 1040 Schedule C (Business Return for Sole Proprietor and also is the default IRS Classification For Single Member LLC) Net income for example is not figured out with taxes deducted as it would be in the individuals case and definitions noted supra. Aka net would be Gross Income, Total Gross Income, less all expenses which would then carry to the Individual return.
For example one last one before I bore myself even, a loss on such a form 1040 Sch C would transfer to line 12 of 1040 and be calculated to determine adjusted gross income on that form. If that makes any sense. I trust it will.
Have a great day.
Wayne Barney
President
BC Business Services, Inc.
Http://www.bcbsinc.com |
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jmj92876
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Gross income is what you make without anything being taken out. Net income is what you make after they take out S.S. federal taxes, state taxes, Medicade, and whatever else that you have taken out of your paycheck. |
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kokopelli
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Gross income is usually the grand total of it all. Net is usually the amount left over after taxes are paid. Net net usually refers to the income left after taxes and certain other fixed expenses are paid. What is left is usually called disposable income. |
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matildajoy
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gross income is income befor taxes and other deducables are taken out of your paycheck. Net income is income called "take home pay" meaning, after taxes, etc is taken out of you paycheck. so net pay "takehome pay" is always less then gross pay. |
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