if an individual makes $4,000 in salary per month and has a side job making $20 per hour for 10 hours a week for 4 weeks in a month, and they receive $1,000 per month in rent from a roommate, their gross income is $5,800.
= 20 × 10 × 4
= $800 for 4 week
and
the rent they receive = $1000
So ;
The gross income will be ;
= 4000 + 800 + 1000
= $5,800
Your salary, dividends, capital gains, business income, retirement distributions, and other sources of income are all included in your gross income. Adjustments to income can be made for things like tuition costs, interest on student loans, alimony payments, or contributions to retirement accounts.
You just total up all of your sources of income prior to any tax credits or deductions. if you received a salary of $100,000, interest income of $1,000, and rental revenue of
$12,000 last year, your total income for the year would be
$100,000 + $1,000 + $12,000 = $113,000.
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