Lisa Nguyen

Transportation Researcher, UCLA

Updated: January 18, 2026

Taxes

Gross Income

In This Article

Definition

Total income received before any deductions or expenses are subtracted.

Related Terms

Business income minus expenses; the amount gig workers pay self-employment tax on.

Adjusted Gross Income (AGI)

Gross income minus specific adjustments like self-employed health insurance and half of self-employment tax.

FAQs

Is this what I pay taxes on?

No, you subtract expenses first for net profit.

What's on my 1099?

Gross payments received from that platform.

Similar Terms

1099 Form

IRS tax form reporting income paid to non-employees, commonly 1099-NEC for contractor pay or 1099-K for payment platforms.

1099-K

Tax form reporting payments from payment networks like PayPal or gig platforms when exceeding annual thresholds.

1099-NEC

Tax form for non-employee compensation of $600 or more, replacing Box 7 of the old 1099-MISC for contractor payments.

Self-Employment Tax

Social Security and Medicare taxes for self-employed individuals, totaling 15.3% on net earnings.

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Last updated: January 18, 2026

Reviewed by GigFinance Team, Gig Economy & Finance Experts

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Our team includes CPAs, former gig workers, and financial experts who personally test platforms and verify earnings claims. We follow strict editorial guidelines to ensure accuracy and objectivity.

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Important Disclaimer: This content is for informational purposes only and should not be considered tax, legal, or financial advice. Consult a qualified professional (CPA, tax attorney, or financial advisor) for advice specific to your situation.