What is gross income? How it works and why it’s important
A person’s gross income is used to determine how much they have to pay toward federal and state income taxes.
3 min read
Oct 18, 2021
Lance Davis
Former Vice President
EXPERTISE
- Personal finance
- Budgeting
- Consumer banking
- Retirement planning
EDUCATION
- Bachelor's degree in journalism, Auburn University
About the author
Lance Davis is the former Vice President of Content for Bankrate, where he oversaw content for home lending, deposits, investing, consumer lending, insurance, credit cards and small business. Lance led a team of more than 70 editors, reporters and publishers who were dedicated to creating content that helped readers make smarter financial decisions.
Lance started at Bankrate as a copy editor in 2013, where he learned the finer points of personal finance while reading almost every article before it was published. In this role, Lance saw how small moves today can have a big impact on your financial future. He developed a passion for sharing these lessons to help others budget their money, buy a house, save for retirement and more.
When he’s not reading Bankrate articles or playing around on the retirement calculator, Lance enjoys spending time with his wife, Sarah, and French bulldog, Honey. He dreams of being able to retire early and buy a home on a beach.
Lance earned his bachelor’s degree in journalism from Auburn University in 2013.Lance Davis' recommended readings:
How to start (and build) an emergency fund
How to save for retirement
How to start investing in 2023
Small moves today can have a big impact on your financial future.
— Lance Davis
Lance's latest articles
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Survey finds 74% of homeowners haven’t refinanced despite historically low mortgage rates
The findings offer some clues about why so many homeowners are leaving money on the table.
5 min read Oct 18, 2021 -
How to get the student loan interest deduction
Those who qualify can deduct up to $2,500 of student loan interest per year.
2 min read Oct 06, 2021 -
Millennials go their own way when it comes to tapping home equity, survey finds
Tapping equity for home improvements? Tap away. How about trips and electronics? Think again.
5 min read Oct 06, 2021 -
Tax credits vs. tax deductions: What’s the difference?
Knowing the difference can save you money come tax time.
3 min read Oct 05, 2021 -
Financial goals: Common examples, and why they’re so important
Financial goals are measuring sticks that apply to any area of your money management skills that you’re looking to improve.
4 min read Oct 04, 2021 -
Inflation: What’s causing it, when it might slow down and what you can do about it
The pandemic upended everything, and your wallet wasn’t spared.
3 min read Sep 30, 2021 -
‘On The Money’ with Mark Hamrick: Expert Rick Sharga talks about the red-hot housing market
Sharga shares why the current market is different from the one that preceded the 2008 housing crisis.
1 min read Sep 27, 2021
