gross annual income

Definition

Total amount of income earned annually. Gross annual income represents the amount of money a person earns in one year from all sources before taxes. When preparing an income tax return, the gross annual income figure is the base figure with which to start.

Use gross annual income in a sentence

  • Knowing your gross annual income will help you to figure out how much taxes you will have to pay or get returned.

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  • My dad had a really great business and when he came home he was telling us that he was going to figure out his gross annual income before dinner.

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  • When I applied for the loan the first time it came back as denied, so my loan officer went over details with me and explained that I should have listed my salary before taxes and claimed income from my rental properties, because they do go by your gross annual income.

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