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Gross income

Index Gross income

Gross income is all a person's receipts and gains from all sources, before any deductions. [1]

38 relations: Adjusted basis, Adjusted gross income, Alimony, Amount realized, Barter, Basis of accounting, Cafeteria plan, Commissioner v. Glenshaw Glass Co., Community property, Cost of goods sold, Crime, Dividend, Doyle v. Mitchell Bros. Co., Effective gross income, Eisner v. Macomber, Gross margin, Gross profit, Haig–Simons income, Health insurance, Income tax in the United States, Interest, Internal Revenue Code, Inventory, James v. United States (1961), Life insurance, Net income, Partnership, Pension, Royalty payment, S corporation, Supreme Court of the United States, Tax deduction, Tax exemption, Tax protester, Tax protester arguments, Tax treaty, Taxable income, Withholding tax.

Adjusted basis

In tax accounting, adjusted basis is the net cost of an asset after adjusting for various tax-related items.

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Adjusted gross income

In the United States income tax system, adjusted gross income (AGI) is an individual's total gross income minus specific deductions.

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Alimony

Alimony (also called aliment (Scotland), maintenance (England, Ireland, Northern Ireland, Wales, Canada), spousal support (U.S., Canada) and spouse maintenance (Australia)) is a legal obligation on a person to provide financial support to their spouse before or after marital separation or divorce.

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Amount realized

Amount realized, in US federal income tax law, is defined by section 1001(b) of Internal Revenue Code.

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Barter

In trade, barter is a system of exchange where participants in a transaction directly exchange goods or services for other goods or services without using a medium of exchange, such as money.

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Basis of accounting

A basis of accounting can be defined as the time various financial transactions are recorded.

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Cafeteria plan

A cafeteria plan is a type of employee benefit plan offered in the United States pursuant to Section 125 of the Internal Revenue Code.

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Commissioner v. Glenshaw Glass Co.

Commissioner v. Glenshaw Glass Co., 348 U.S. 426 (1955), was an important income tax case before the United States Supreme Court.

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Community property

Community property is a marital property regime under which most property acquired during the marriage (except for gifts or inheritances), the community, or communio bonorum, is owned jointly by both spouses and is divided upon divorce, annulment, or death.

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Cost of goods sold

Cost of goods sold (COGS) refers to the carrying value of goods sold during a particular period.

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Crime

In ordinary language, a crime is an unlawful act punishable by a state or other authority.

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Dividend

A dividend is a payment made by a corporation to its shareholders, usually as a distribution of profits.

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Doyle v. Mitchell Bros. Co.

Doyle v. Mitchell Bros.

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Effective gross income

Effective gross income is the relationship or ratio between the sale price of the value of a property and its effective gross rental income.

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Eisner v. Macomber

Eisner v. Macomber,, was a tax case before the United States Supreme Court that is notable for the following holdings.

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Gross margin

Gross margin is the difference between revenue and cost of goods sold (COGS) divided by revenue.

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Gross profit

In accounting, gross profit, gross margin, sales profit, or credit sales is the difference between revenue and the cost of making a product or providing a service, before deducting overheads, payroll, taxation, and interest payments.

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Haig–Simons income

Haig–Simons income or Schanz–Haig–Simons income is an income measure used by public finance economists to analyze economic well-being which defines income as consumption plus change in net worth.

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Health insurance

Health insurance is insurance that covers the whole or a part of the risk of a person incurring medical expenses, spreading the risk over a large number of persons.

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Income tax in the United States

Income taxes in the United States are imposed by the federal, most state, and many local governments.

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Interest

Interest is payment from a borrower or deposit-taking financial institution to a lender or depositor of an amount above repayment of the principal sum (i.e., the amount borrowed), at a particular rate.

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Internal Revenue Code

The Internal Revenue Code (IRC), formally the Internal Revenue Code of 1986, is the domestic portion of federal statutory tax law in the United States, published in various volumes of the United States Statutes at Large, and separately as Title 26 of the United States Code (USC).

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Inventory

Inventory (American English) or stock (British English) is the goods and materials that a business holds for the ultimate goal of resale (or repair).

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James v. United States (1961)

James v. United States, 366 U.S. 213 (1961), was a case in which the United States Supreme Court held that the receipt of money obtained by a taxpayer illegally was taxable income, even though the law might require the taxpayer to repay the ill-gotten gains to the person from whom they had been taken.

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Life insurance

Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policy holder).

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Net income

In business, net income (total comprehensive income, net earnings, net profit, informally, bottom line) is an entity's income minus cost of goods sold, expenses and taxes for an accounting period.

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Partnership

A partnership is an arrangement where parties, known as partners, agree to cooperate to advance their mutual interests.

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Pension

A pension is a fund into which a sum of money is added during an employee's employment years, and from which payments are drawn to support the person's retirement from work in the form of periodic payments.

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Royalty payment

A royalty is a payment made by one party, the licensee or franchisee to another that owns a particular asset, the licensor or franchisor for the right to ongoing use of that asset.

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S corporation

An S corporation, for United States federal income tax purposes, is a closely held corporation (or, in some cases, a limited liability company (LLC) or a partnership) that makes a valid election to be taxed under Subchapter S of Chapter 1 of the Internal Revenue Code.

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Supreme Court of the United States

The Supreme Court of the United States (sometimes colloquially referred to by the acronym SCOTUS) is the highest federal court of the United States.

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Tax deduction

Tax deduction is a reduction of income that is able to be taxed and is commonly a result of expenses, particularly those incurred to produce additional income.

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Tax exemption

Tax exemption is a monetary exemption which reduces taxable income.

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Tax protester

A tax protester is someone who refuses to pay a tax claiming that the tax laws are unconstitutional or otherwise invalid.

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Tax protester arguments

Tax protester arguments are arguments made by people, primarily in the United States, who contend that tax laws are unconstitutional or otherwise invalid.

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Tax treaty

Many countries have entered into tax treaties (also called double tax agreements, or DTAs) with other countries to avoid or mitigate double taxation.

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Taxable income

Taxable income refers to the base upon which an income tax system imposes tax.

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Withholding tax

A withholding tax, or a retention tax, is an income tax to be paid to the government by the payer of the income rather than by the recipient of the income.

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Redirects here:

Gross Income, Gross annual earnings.

References

[1] https://en.wikipedia.org/wiki/Gross_income

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