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What is the difference between gross total income and total income?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

Hi I am Preetham. I am preparing for CA exam. I want to know about income tax. Can I know, What is the difference between gross total income and total income? ​

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

(Some answers above are a bit off. In tax parlance, "EBIT" is what you call income before taxes. It stands for "earnings before income taxes".) For your project, you can dazzle 'em if you know the official income tax formula for individuals per the Revenue Code: Income (all sources)

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Open uri20170510 32134 1c996lj?1494421732 answered

No difference. "Gross income" refers to income from all sources and not yet netted against adjustments or expenses. "Total income" refers to income from all sources. "Net income" is what you call it AFTER you've deducted all direct expenses/deductions. (Some answers above are a bit off. In tax parlance, "EBIT" is what you call income before taxes. It stands for "earnings before income taxes".) For your project, you can dazzle 'em if you know the official income tax formula for individuals per the Revenue Code: Income (all sources) less exclusions from income (like non-taxable interest and child support) = Total income Total income less adjustments for A.G.I. = adjusted gross income Adjusted gross income less standard or itemized deductions less exemptions = taxable income Taxable income less tax credits plus other taxes (such as self-employment tax) less refundable credits less prepayments of income tax (such as from a W-2) = tax due or refund due

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