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.
Internal Revenue Code section 61. Section 61 of the Internal Revenue Code (IRC 61, 26 U.S.C. Â§ 61) defines gross income, the starting point for determining which items of income are taxable for federal income tax purposes in the United States. Section 61 states that except as otherwise provided in this subtitle gross income means all income from whatever source derived.