income

(redirected from Income Amount)
Also found in: Dictionary, Thesaurus, Medical, Legal, Encyclopedia.
Related to Income Amount: net income, Annual 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 periodicals archive ?
The omnibus income item lets the respondent define what types of income should be included in the total, whereas the aggregated total sums up the components that the survey analyst defines as the total income amount.
Table 2: Comparison of Poverty Rates by Selected Characteristics Using the Hotdeck Imputed Aggregated Income within the Ominbus Income Range versus the Original Aggregated Income Amount Imputed Aggregated Aggregated Difference Percent of Poverty Level Income (%) Income (%) (%) Total 11.
Furthermore, these surveys specifically collect income amounts for everyone in the appropriate age range within a household and/or principle family within the household.
Again, the relative risk is measured as the risk of any given category relative to the category of no difference between the omnibus and aggregated income amounts.
There is a great deal of mismatch between the aggregated income amounts and the omnibus income categories.
Dubay and Kenney (2000) show it is important to make exclusions to income amounts for public programs income disregards.
One potential outcome of our analysis is to create a methodology that could be used to impute aggregated income amounts into omnibus income ranges in order to better estimate poverty and eligibility on health surveys that, given space and resource constraints, only ask omnibus income questions.