Answer to Question #74788 in Macroeconomics for Shiven Goberdan
Discuss in terms of the definition of gross income and any special inclusion if the scenarios above relate to gross income. Consider the effects of any exemptions if applicable
Gross income, or gross pay, is an individual's total pay before accounting for taxes or other deductions. At the company level, it's the company's revenue minus the cost of good sold. In this case it is also referred to as gross profit and, when expressed as a percentage of revenue, gross margin.