income


Also found in: Dictionary, Thesaurus, Medical, Legal, Acronyms, Encyclopedia, Wikipedia.
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 periodicals archive ?
However, the potential combination of substantial assets held and income earned by an 18-year-old, otherwise financial-aid-eligible student, who is about to enter college, can be disastrous.
In the end, the donor receives a charitable contribution for income tax purposes in the year of the asset transfer, the charitable contribution is exempt from gift tax and the value of the charitable component now has been transferred out of the donor's estate for estate tax purposes.
In this model, there is typically limited incentive for agents, brokers, planners and other financial advisers to steer their clients toward purchasing an income annuity, since this involves transferring assets from the client's portfolio to an insurance company.
Ministers living in church-provided parsonages, for example, do not have to include the fair rental value of their homes in their gross income and may exclude a designated allowance for utilities and upkeep to the extent of actual expenses.
The units will be occupied by lower income single persons.
Respondents in the corrugated sector reported the highest median income for 2002--$115,000, which is $9250 over the overall median income shown in Fig.
The statistically poor also include many participants in the underground economy, who may report less income than they make.
Hints from the White House suggest that in his State of Union address, Bush will call for making last year's tax cuts permanent and perhaps for replacing the corporate income tax With a far more regressive national sales tax--a move that, if successful, would probably put the personal income tax on the road to oblivion, too.
By making this election, the net income is taxed rather than the gross income, saving the taxpayer significant tax dollars.
1) In contrast, the statute narrowly defines international communications income as all income from the transmission of communications or data from the United States to any foreign country or U.
Tax lawyers and other tax experts said Thursday that the number of Americans with incomes over $200,000 who pay little or no income taxes certainly had grown since 1993.