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 ?
Adopting a culturally relativist framework, some went so far as to question the ability of middle-class workers to help low-income groups (Martin, 1957).
The gap between high- and low-income groups is the widest it has been in 100 years, and the share of U.
Romeo Misses a Payment showcases the fallout of divorce in America, the inequities involving child custody among low-income groups, and how the current system perpetuates a "one parent household" to the very children that need support the most.
The Prime Minister said that the government was committed to provide affordable living to the middle and low-income groups dwelling in urban centers.
Duggal added that the cost structure of existing banks was too high to effectively service low-income groups and small borrowers.
In his report Mr Allen says: "Many parents have a strong desire to do the best for their children but many, especially in low-income groups, are ill-informed or poorly motivated on how to achieve this.
Ms Dias mostly dealt with people from low-income groups who had been ill-treated by their employers and sponsors either emotionally or physically or through non-payment of salaries or underpayment.
From our experience at Well Woman both of these are factors across low-income groups.
The HIF will introduce a new, innovative insurance fund for African countries that will enable low-income groups to receive collective health insurance through a premium subsidy.
In an effort to make the melodrama more accessible to an expanded audience, the Frasers have continued the practice of offering low-cost admission to low-income groups.
The Small Business Job Protection Act of 1996 created the tax credit for hiring new employees from certain low-income groups.
Each individual pays an additional income-related tax contribution to the government to help subsidize the premiums for low-income groups so that everyone can afford health insurance.

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