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Total income received from all sources, including wages, salaries, or rents, and the like.
A regular compensation that an individual receives in the form of salary, wages, tips, rents, and/or other sources. An individual earns personal income in order to pay for personal expenses, such as one's mortgage, debt service, groceries, and so forth. Personal income is necessary for an economy to function. Most governments tax personal income differently from both corporate income and investment income.
The pretax income of individuals and unincorporated businesses. Personal income is an inferior measure of the economy compared with disposable income; however, personal income is easier to compute and is made available on a monthly basis, while disposable income is calculated on a quarterly basis.