a. Since the three months' salary is worth $52,400, the Gross Income from this item is $52,400.
b. Wilson's accrued salary will total $12,200 in Gross Income.
c. The gross income that Mary will receive is $255,000 under the group term life insurance.
d. The gross income that Mary will receive is $397,000, despite the election too receive an annuity of $25,000 for each of the 28-year period.
<h3>What is the gross income?</h3>
The gross income is the total amount of income earned or received over a period of time by an individual/household or a company. For individuals and households, the gross income includes wages, dividends, capital gains, business income, retirement distributions, and other incomes.
Gross income is stated before allowable deductions are made to arrive at the taxable or net income.
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