income


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Related to income: income statement, net income

Income

The money a person makes from labor, investment, or any other source, especially in the course of a year. Receiving income is the goal of all commerce. It is usually taxed by the government. See also: Income tax.

income

money received by individuals, firms and other organizations in the form of WAGES, SALARIES, RENT, INTEREST, COMMISSIONS, FEES and PROFIT, together with grants, unemployment benefit, old age pensions, etc. See EARNED INCOME, DISTRIBUTION OF INCOME.

income

money received by individuals and firms in the form of WAGES, SALARIES, RENT, INTEREST, PROFIT, etc., together with unemployment benefit, old age pensions, etc. In microeconomic analysis, the term ‘income’ is used specifically to refer to the flow of returns over a period of time from providing FACTORS OF PRODUCTION (NATURAL RESOURCES, LABOUR and CAPITAL) in the form of rent, wages and interest/profit, respectively. In macroeconomic analysis, the term NATIONAL INCOME is used to refer to the aggregate income of a country from rents, wages, interest and payments, excluding TRANSFER PAYMENTS (unemployment benefit, old age pensions, etc.).

More generally, from the point of view of the individuals concerned, any money received counts as income (whether it be from providing factors of production or takes the form of an old age pension, unemployment benefit or other transfer payment). Any such FINAL INCOME is an important determinant of an individual's spending capabilities in the THEORY OF DEMAND. See CIRCULAR FLOW OF NATIONAL INCOME MODEL, DISPOSABLE INCOME, FUNCTIONAL DISTRIBUTION OF INCOME, PERSONAL DISTRIBUTION OF INCOME.

income

(1) For IRS purposes, income is never precisely defined, but it apparently includes all moneys received from any sources unless specifically excluded by some IRS Code provision. (2) In business, all the revenues derived from the business, less all expenses. Many people use the word income interchangeably with revenues,but revenue implies a gross figure without deductions,and income implies an amount after expenses.

Income

The word "income," in its broad sense, is the gain derived from capital, labor, or a combination of the two. It is distinguishable from the capital itself. Ordinarily, for income tax purposes, the word "income" is not used alone. Rather it is used within such descriptive terms as gross income, taxable income, and adjusted gross income, all of which are defined elsewhere in this glossary.
References in classic literature ?
Am I to consider this as part of my income on account?
His will, bearing date at the time when I left England, bequeathed an income for life to my mother, and left the bulk of his property to me, on the one condition that I adopted his name.
The reinvestments of income were adding their mite of many annual millions.
His income last year was about $100,000,000--it is doubtful if the incomes of all the Rothschilds together make a greater sum.
Not visited by the surviving members of her family, living, literally, by herself in the world, Hester decided, in spite of her comfortable little income, on letting lodgings.
It was not very long before she left her simple sheltered life, and fearlessly intrusted me with a future that virtue would have made happy and fair; thinking, no doubt, that my narrow income was the surest guarantee of my faithfulness to her.
Partridge and his wife were therefore both obliged to submit to their fate; which was indeed severe enough: for so far was he from doubling his industry on the account of his lessened income, that he did in a manner abandon himself to despair; and as he was by nature indolent, that vice now increased upon him, by which means he lost the little school he had; so that neither his wife nor himself would have had any bread to eat, had not the charity of some good Christian interposed, and provided them with what was just sufficient for their sustenance.
Since his wife's death he had almost doubled his income.
Gambling," she would say, "dear, is good to help your income, but not as an income itself.
If that position was not a desperate one, it would be well worth his while to marry Miss Verinder for her income alone.
If she married, with a proper settlement--or, in other words, with the settlement I meant to make for her--the income from the estate (a good three thousand a year) would, during her lifetime, be at her own disposal.
Stelling who had narrow intellects and large wants, and whose income, by a logical confusion to which Fortune, being a female as well as blindfold, is peculiarly liable, was proportioned not to their wants but to their intellect, with which income has clearly no inherent relation.