Basic IncomeBasic Income
BonusBonus
CommissionCommission
Direct DepositDirect Deposit
Earned IncomeEarned Income
Exempt vs. Non-Exempt StatusExempt vs. Non-Exempt Status
Fringe BenefitsFringe Benefits
Gross IncomeGross Income
Gross PayGross Pay
Incentive PayIncentive Pay
Living WageLiving Wage
Merit IncreaseMerit Increase
Net IncomeNet Income
Net PayNet Pay
Pay FrequencyPay Frequency
Pay StubPay Stub
Payroll DeductionPayroll Deduction
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Salary NegotiationSalary Negotiation
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Gross Income

Definition

Your total income before any deductions or taxes are taken out. It’s the starting point for understanding your earnings.

What to consider

  • Know your total earnings before deductions for a clear picture of your income.
  • It serves as the starting point for budgeting.
  • Be aware that your take-home pay will be lower after withholdings.

Real world scenarios

  • Miranda calculates her gross income by adding wages, tips, and freelance invoices. She then budgets for taxes and living costs accordingly.
  • Tony checks his gross income on pay stubs to confirm raises and overtime are accurately reflected before withholdings.
  • While applying for a loan, Kay provides lenders with her gross income to demonstrate repayment ability.

Related terms

Gross Pay
Direct Deposit
Net Pay
Fringe Benefits
Commission

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