Gross total income
Understand the Problem
The question is asking for a definition or explanation of 'gross total income,' which typically refers to the total income earned by an individual before any deductions or taxes. This concept is often used in financial contexts and tax filings.
Answer
Gross total income is the total income before deductions.
Gross total income is the sum of all income from various sources such as wages, rental income, interest, and dividends before any taxes or deductions are applied.
Answer for screen readers
Gross total income is the sum of all income from various sources such as wages, rental income, interest, and dividends before any taxes or deductions are applied.
More Information
Gross income includes all earnings and is considered 'gross' because it is calculated before any deductions for taxes or other expenses.
Tips
A common mistake is confusing gross income with net income; the latter is the amount after deductions.
Sources
- Gross income - Wikipedia - en.wikipedia.org
- What Is Gross Income? Definition, Formula, Calculation, and Example - investopedia.com
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