Q:

What is a gross amount?

A:

A gross amount is used to refer to the total amount of something that was created or received as the result of an activity. The term is commonly used to refer to profit or revenue, but it can also be used in terms of the total weight of an object.

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Gross weight, for example, refers to the total weight of any object plus any packaging or accessories that are attached to it. Net weight, on the other hand, refers to the actual weight of the object without packaging. In addition, net income means any money accrued after taxes and other deductions (payroll, admin and other costs) have been taken off the gross income.

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