Gross Income is the total earnings of an individual or business before any deductions, taxes, or expenses are subtracted, including wages, bonuses, and other income sources.
- What is gross income?
Answer: It is the total earnings before deductions or taxes. - What is included in gross income?
Answer: It includes wages, bonuses, and investment income. - How is it different from net income?
Answer: Gross income is pre-deductions, while net income is after taxes and expenses. - Who reports gross income?
Answer: Employees report it on W-2s, and businesses on tax returns. - What is its significance in HR?
Answer: It helps determine tax withholding and benefit eligibility.
