Define: Gross Family Income

How is Gross Family Income defined in a legal contract?

• Gross Family Income means the total earnings before taxes from all sources for all family members. It includes all financial benefits, except for some exceptions. The amount considered is typically an average over several months unless there has been a significant change in circumstances. For specific sources of income such as gambling, lump-sum payments, and capital gains, a twelve-month average is applied. For self-employment or rental income, a twelve-month record of revenue and expenditure is necessary. Seen in 6 SEC filings
• Gross Family Income means the cumulative earnings of all family members in a household. Seen in 6 SEC Filings
• Gross Family Income means the sum of all forms of compensation for services rendered by all adult family members in the household before any deductions. It also includes interest, dividends and any other income earned from personal property. Seen in 4 SEC Filings
• Gross Family Income means the total income available to a family at the time of evaluation. The calculation is typically based on all income earned or received in the last four consecutive weeks. However, it does not include income sources like Supplemental Security Income (SSI), income from trusts funded by SSI payments, Temporary Assistance to Needy Families (TANF), or any other government assistance. Seen in 4 SEC filings
• Gross Family Income means the combined annual income of all persons residing or planning to live in a dwelling unit. The calculation considers gross monthly income multiplied by twelve, which includes various sources like wages, interest, dividends, bonuses, pensions, and other additional income. Seen in 4 SEC Filings
• Gross Family Income means the sum of income anticipated to be earned or received in the current month by a family. It isn't inclusive of sources like SSI or any income received by SSI eligible individuals and minor siblings of the eligible individuals. Seen in 3 SEC filings
• Gross Family Income means the total income expected to be earned or received in the current month by the family. Providers can consider income from up to 12 months prior if the current month's income is not representative of the family's average earnings, especially due to seasonal employment. Seen in 3 SEC filings

Note: The Genie AI Legal Assistant pulled this data out of the SEC EDGAR Database of 500,000 records from the past 22 years of filings. We regularly update this page as new filings and definitions come in.

Search EDGAR for 'Definitions of gross family income' yourself to verify these results. We are always keen to point people to source documents.

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Which definition should you use?

🤔 Our AI Legal Assistant has combined and improved the above descriptions to create market-standard 'Genie definitions' below, with guidance on which documents and which industry to use for each.

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Genie Definition 1

• Gross Family Income means the total pre-tax income, from all sources, earned or anticipated by all family members.

Relevant Contract Types

• Mortgage or Loan Agreement
• Rental or Lease Agreement
• Financial Aid or Scholarship Agreement
• Child Support or Alimony Agreement

Relevant Circumstances

• Applying for a mortgage or personal loan
• Signing a lease or rental agreement
• Determining eligibility for financial aid or scholarships
• Calculating child support or alimony payments

Relevant Sectors

• Banking and Finance
• Real Estate
• Education
• Family Law

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Genie Definition 2

• Gross Family Income means the aggregated annual income of all residents in a dwelling unit.

Relevant Contract Types

• Housing Loan
• Affordable Housing Agreement
• Sublease Agreement

Relevant Circumstances

• Applying for affordable housing programs
• Determining rent level in a sublease agreement
• Applying for a housing loan

Relevant Sectors

• Real Estate
• Personal Finance
• Social Services

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