Compensation
Compensation is payment for services. Examples of compensation include wages, salaries, commissions, tips, professional fees, and net self-employment income. In other words, compensation is earned income.
Gross Income
For households and individuals, gross income is the sum of all of their pre-tax income streams. This would include wages, salaries, profits, interest payments, rents, and other forms of earnings, prior to any deductions or taxes.
