The term gross income is one of the most common tax terms used. The gross income is a person's individual, total personal income before any type of taxes or deductions are removed from it. For example, if an employee works for a company, the gross income is the salary he or she is paid, before any taxes (income tax, social security tax, etc) are removed from the paycheck. When taxes come out from this income, the new amount is called the net income. Gross income of a company is the company's revenue minus any cost of goods sold (which is also called gross margin or gross profit), though not all of the income will end up being profit.