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 ?
In fact, the data show that the high-income group in the 2009-14 period are 50 percent more likely to be obese than the low-income group in the 1976-80 period.
Micro financial institutions especially community development organizations are offering low premium products to farming community and low-income group. The covers are generally limited to income generating assets such as agriculture lands, livestock, and crops, etc.
Work opportunity tax credit: This credit replaced the targeted `jobs tax credit program; it applies to employers who meet certain criteria and hire targeted low-income groups, such as individuals who are (1) Social Security recipients or (2) certified vocational rehabilitation referrals.
The project will be carried out by the Fondo de Inversion Social para el Desarrollo Local (FISDL), an agency specializing in small-scale infrastructure assistance to low-income groups. Eighty per cent of the resources from the IDB loan will be targeted for investments for reconstruction in 152 municipalities, while 20% will be allocated to 86 other municipalities.
Under the 1996 act, employers hiring new employees from one of seven targeted low-income groups can receive a tax credit of up to $2,100 per employee.
* Use of health insurance premiums, rather than taxes and transfers, to redistribute income from relatively healthier income groups to relatively sick or low-income groups.
In a statement issued here on Thursday, LCCI Senior Vice President Khawaja Shahzad Nasir and Vice President Faheem-ur-Rehman Saigal said that availability of eatables including pulses, ghee, cooking oil, basin (gram flour), flour, fruits and vegetables at discounted rates in the holy month of Ramazan would help and enable the low-income groups to observe their fasts with an ease.
Malaysia has announced that it would offer free national insurance for low-income groups in the nation.
The task force briefed the prime minister about the progress made so far in formulating a comprehensive strategy for planning, execution and monitoring of the housing project for low-income groups and regularisation of katchi abadis.
Supreme Court on Tuesday directed the federal and the provincial governments to submit a reply with regard to draft law related to provision of housing facilities for low-income groups.
ISLAMABAD -- The apex court on Tuesday asked the government to present before the parliament a bill drafted by a judicial commission on slums and to keep it abreast on the recommendations by a high-level committee constituted by the prime minister on low-income groups.
Moreover, the report also recognised the efforts made by courts pertaining to the lack of housing opportunities for low-income groups.

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