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Gross income is the total income earned by an individual before any deductions or taxes are applied. It includes wages, salaries, bonuses, and other forms of earnings.
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Net Income: The amount of money left after all deductions and taxes have been subtracted from the gross income.
Taxable Income: The portion of gross income that is subject to taxation after allowable deductions and exemptions.
Adjusted Gross Income (AGI): Gross income minus specific adjustments such as student loan interest, tuition fees, and retirement plan contributions.