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 ?
regions have the highest and lowest median incomes.
Statistics Canada has produced its first Market Basket Measure of low income. Even though Statscan does not like to call it a poverty measure because there are political implications in the word poverty, nevertheless, most people who examine it will probably give it that name.
As Christopher Sarlo has pointed out, they include post-secondary students who live independently during the school year and whose loans and gifts do not count as income; senior citizens who own their homes mortgage-free and are supplementing low incomes with savings; people in transition (first-time workers, immigrants, the divorced and widowed, released prisoners, etc.), who may begin employment part-way through the year and therefore report a low annual wage; self-employed business people and farmers, whose reported incomes, but not necessarily their standard of living, may fall in some years, perhaps due to capital losses or other write-offs against earnings; some clergy and others who voluntarily accept a low income.
During the congressional debate, one opponent argued that poor Americans would feel "humiliated and degraded" by not having to pay the income tax, fearing they would lack the "first-class citizenship" accorded those whose incomes were sufficiently high.
* a group of affiliates where all or substantially all of the amount that is the total of all amounts each of which is the income or absolute value of the loss of a group affiliate from a source is attributable to incomes and losses from an active business; or
To override constitutional issues, income-tax supporters made a push for a 16th Amendment to the Constitution: "The Congress shall have power to lay and collect taxes on incomes." It was added in 1913.
On average, black and Hispanic borrowers, compared with white or Asian borrowers, have lower incomes, purchase homes with lower values, and have less wealth; they also have more credit problems, higher total debt-payment-to-income ratios, and less stable employment.(15) Thus, we expect that FHA and VA mortgages would be more heavily utilized by black and Hispanic borrowers.
This explosion is based on the agency's belief that citizens underreport their incomes. Yet its own audit results are wrong about 50 percent of the time.
A primary support obligation is calculated and then allocated between the parents on the basis of their net incomes.
OTTAWA -- Human Resources Development Canada presented its first report on low incomes based on the Market Basket Measure.
REFLECTIONS: There is a split of authority on the subject; the Fifth, Sixth and Eleventh Circuits exclude contingency fees from clients' gross incomes; the Third, Fourth, Seventh, Ninth, Tenth and Federal Circuits include them.
In general, households with lower incomes are more likely than households with higher incomes to use government-sponsored home loan programs, particularly those of the FHA and the FmHA.