income

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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 ?
When constructing Medicaid eligibility units it is essential to know how people within the household are related and the income amounts for each person.
Reflecting their emphasis on health rather than income as a principal content area, most of the health surveys generally rely on one "omnibus" family income question asking about the total family income with one omnibus survey item in the form of either a continuous income amount or a categorical income amount.
We expect to find that the omnibus income amount tends to be lower and under-reported when compared to the aggregated income amount (Moeller and Mathiowetz 1994).
The first level is the whether the aggregated income amount falls within the same income category the respondent provides on the omnibus income item (the response values for the omnibus income item are provided in Figure 1); the second level is if the aggregated income amount is one or more lower than the omnibus income category; and the third level is if the aggregated income amount is one or more higher than the omnibus category.
This is done to test whether any mismatch of income amount is because of the Census Bureau's imputation process.