Which of the following is true about gross income? Select all that apply. (1 point)

Question

It is a person’s income before taxes and deductions. It is a person’s income before taxes and deductions. It is a person’s income after taxes and deductions. It is a person’s income after taxes and deductions. It is a person’s combined income after taxes and deductions. It is a person’s combined income after taxes and deductions. It is a person’s estimated income before taxes and deductions.

Answer 1

The true statements about gross income are:

• It is a person’s income before taxes and deductions.
• It is a person’s estimated income before taxes and deductions.

The other options are incorrect because gross income refers to the income before any tax or deductions, not after.