What is the term for the total income earned in a year, including all forms of income?

The term that refers to the total income earned in a year, encompassing all forms of income such as wages, dividends, rental income, and interest, is gross income. This figure represents the individual’s total earnings before any deductions or taxes are applied. Understanding gross income is crucial as it serves as the starting point for calculating a taxpayer's adjusted gross income, taxable income, and net income.

Adjusted gross income takes gross income and subtracts certain specified deductions, while taxable income is the portion of income that is actually subject to tax after all allowable deductions and exemptions. Net income, on the other hand, generally refers to income remaining after all expenses and taxes have been deducted, representing what an individual ultimately takes home. Therefore, gross income is the most comprehensive measure of total earnings for a given year.