income

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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 ?
We then employ two different methodologies to evaluate the mismatch between the omnibus income amount and the aggregated income amount.
Then we use a hotdeck imputation (5) procedure to match up those with "missing" income to an aggregated income amount from within the reported omnibus range.
Having additional people in the family makes a family more likely to report a higher aggregated income amount relative to their omnibus income and families with three or more people are also less likely to report their aggregated incomes lower relative to their omnibus income.
There is a significantly higher number of people below 100 percent of FPL using the hotdeck imputation approach to restrict the aggregated income amount to be within the omnibus income category than are in the poverty according to the aggregated amounts.
As expected, the omnibus income amount underestimates family income and, as shown in Figure 1, there is limited direct concordance between the information yielded by the omnibus household income question and the aggregated income amount derived from every family member.
This "cueing" may prompt the respondent to report income that would be a closer match to an aggregated income amount (Tulving 1983).
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.