LA Business Daily
Gross Income?
What does your gross income consist of?
Public Comments
- It's the amount you get paid before any deductions, i.e., before federal taxes, state taxes, social security, Medicare, insurance, 401k deduction, etc. Your net income is the amount after deductions. Very generally, you'd probably expect to receive about 65% of your gross income.
- Gross income -is the total before any deductions (ie. tax) the remainder after deductions is the -Net Income.
- Gross income includes all income from any source. For example, money earned from employment, gifts, prizes, lottery winnings etc. Day-to-day usage of the word, means income calculated prior to any deductions. Usually your salary and not your take-home pay or "net pay."
