Gross Income refers to the total earnings from all sources before any deductions or taxes. It encompasses income from employment, self-employment, rental property, alimony, child support, public assistance payments, and retirement benefits.
An independent contractor is a self-employed individual who offers services to clients while maintaining complete control over how those services are provided. They handle their own taxes and benefits, and are not classified as employees of the payor.
A lifestyle business is a type of small business established primarily to support the income and personal objectives of the individual entrepreneur, aligning closely with their lifestyle and values rather than aiming for high growth or scalability.
A sole proprietor is an individual who owns and operates an unincorporated business alone. Typically, a sole trader refers to an individual in business independently, while a sole practitioner is a professional practicing on their own.
