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 ?
The low-income group will have lower margin and sales expectations, with an expected upside in hot cereal.
The group is now pushing for better access to sexual health education, saying it would be a starting point in addressing the problem among low-income groups.
The Small Business Job Protection Act of 1996 created the tax credit for hiring new employees from certain low-income groups.
As high-end markets reach near saturation levels in terms of new subscribers, low-priced handsets are emerging to cater to low-income groups, bringing the mobile phone within reach of all classes of society.
Private companies are only now slowly recognizing that poor and low-income groups are a huge market for goods and services and a good source of employees and talent," stated by ADB economist Armin Bauer in a statement.
Duggal added that the cost structure of existing banks was too high to effectively service low-income groups and small borrowers.
She announced that the priority for the next budget should be on low-income groups who were still paying unacceptable levels of tax.
I am president of Polish Assistance of California, a nonprofit organization whose purpose is to assist Polish immigrants citywide, because the city does not provide our ethnic group the same services or special funding it provides other low-income groups.
While the banks might see CRA agreements as insurance against the costs of a fair-lending violation, sophisticated community groups are using this federal regulation to spur homeownership among low-income groups," said Dr.
It is aimed at assisting families, especially those belonging to low-income groups, to market their products and get additional income.
The Cash Card account is designed for low-income groups.

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