March 2017

What is gross income? An individual's gross income - also called gross wages when on a paycheck - is the individual's total salary from their employer before taxes or other deductions. This includes income from all sources…

What is the gross income test? The gross income test is one of five necessary tests that dependents must pass before they can claim this title in the United States. The gross income test states that dependents cannot…

Taxable income vs gross income: an overview Gross income includes all income you receive that is not explicitly exempt from tax under the Internal Revenue Code (IRC). Taxable income is the part of your gross income that is…

Gross income versus earned income: an overview The distinctions between gross income and earned income are particularly important to understand when it comes to tax accounting. If you report either incorrectly, you could end…

While most dividends paid by corporations or mutual funds to shareholders are considered ordinary dividends, some may be considered eligible dividends. In these cases, your dividend income is subject to the capital gains tax rate…