Princeton's WordNet(0.00 / 0 votes)Rate this definition: reference point, point of reference, reference(noun) an indicator that orients you generally. it is used as a reference for comparing the heating and the electrical energy involved.
For Individuals. Gross income is an individual's income and receipts from nearly all sources. It is the starting point for determining the taxes that individual will pay. Sources of gross income include salary, wages, tips, capital gains, dividends, interest, rents, pensions and alimony.
Taxable Income. What is 'Taxable Income'. Taxable income is the amount of income used to calculate an individual's or a company's income tax due. Taxable income is generally described as gross income or adjusted gross income minus any deductions or exemptions allowed in that tax year.