adjusted gross income
Hello, you have come here looking for the meaning of the word adjusted gross income. In DICTIOUS you will not only get to know all the dictionary meanings for the word adjusted gross income, but we will also tell you about its etymology, its characteristics and you will know how to say adjusted gross income in singular and plural. Everything you need to know about the word adjusted gross income you have here. The definition of the word adjusted gross income will help you to be more precise and correct when speaking or writing your texts. Knowing the definition ofadjusted gross income, as well as those of other words, enriches your vocabulary and provides you with more and better linguistic resources.
English
Noun
adjusted gross income (plural adjusted gross incomes)
- A taxpayer's total gross income minus specific deductions for things like business expenses, health savings account deductions, education expenses, and alimony payments, which is used to calculate taxable income by removing personal exemptions and itemized deductions.
- 1977, Ruth G. Schapiro, Tax Shelters After Tax Reform, page 272:
- The 1976 Act added a preference for individuals for excess itemized deductions, i.e., certain itemized deductions in excess of 60 percent of adjusted gross income.
- 1984, Ray M. Sommerfeld, Hershel M. Anderson, Horace R. Brock, An Introduction to Taxation, page 230:
- The individual taxpayer must divide allowed deductions between those for adjusted gross income and those from adjusted gross income because the amount of adjusted gross income is important in the determination of some deductions from adjusted gross income.
- 1999, Farm Income Tax Schools Workbook, page 142:
- That deduction can be used to reduce her taxable income by $45,000 (30% of her adjusted gross income) each year for the current year and the next three tax years.