A “First of its Kind” PFML Plan launches in New Hampshire
Beginning in December 2022, employers can start enrolling in New Hampshire's new voluntary Paid Family and Medical Leave plan for employers and employees of all types of businesses.
Gross income has a different definition for different situations. For example, when referring to salaries and wages, it refers to one thing, but when discussing business profits it means another.
An employee’s gross income is all income earned before taxes. That can include a variety of sources too, including some employees may not realize. This is not the amount an employee takes home, however. Withholding tax and deductions must be taken out before an employee is paid his or her true salary, or his or her net income. Examples of gross income include:
Based on the above, it may seem like almost all revenue sources can be considered gross income. But that is not the case. Examples of exclusions from gross income include:
Gross income (when referring to the employer side of business) is the amount of revenues that exceed the costs of goods sold. Essentially, it is the amount of income left over after the costs of making a business or corporation’s product is taken into to account. Computing this can show how much can be spent on paying operating costs. Net income for a business is calculated by subtracting all operating expenses from gross income.