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.
Adjusted Gross Income is the sum of an individualâs gross income (that is, total earnings subject to income tax) minus deductions for certain expenses. The deductions taken to calculate AGI are referred to as âadjustments to incomeâ or âabove the lineâ deductions.