What is income?

  • (noun): The financial gain (earned or unearned) accruing over a given period of time.

Income

Income is the consumption and savings opportunity gained by an entity within a specified timeframe, that is generally expressed in monetary terms. However, for households and individuals, "income is the sum of all the wages, salaries, profits, interests payments, rents and other forms of earnings received... in a given period of time."

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Some articles on income:

Income Tax
... An income tax is a tax levied on the income of individuals or businesses (corporations or other legal entities) ... Various income tax systems exist, with varying degrees of tax incidence ... Income taxation can be progressive, proportional, or regressive ...
Income Tax - Types - Personal
... A personal or individual income tax is levied as a percentage of a person's wages and salaries, with some deductions permitted, along with the net income or loss ... Income tax systems typically offer exemptions, deductions, or credits which lessen the total tax liability these are frequently a method of rewarding income-use-patterns ... Tax structures may allow losses from one type of income to be counted against another ...
Income - Accountancy
... Accounting Standards Board (IASB) uses the following definition "Income is increases in economic benefits during the accounting period in the form of inflows or ...
Tennessee - Economy
... In 2003, the per capita personal income was $28,641, 36th in the nation, and 91% of the national per capita personal income of $31,472 ... In 2004, the median household income was $38,550, 41st in the nation, and 87% of the national median of $44,472 ...
Yield (finance)
... stated rates of return on stocks (common and preferred, and convertible), fixed income instruments (bonds, notes, bills, strips, zero coupon), and some other investment type ... It may be used to state the owner's total return, or just a portion of income, or exceed the income ...

Famous quotes containing the word income:

    We commonly say that the rich man can speak the truth, can afford honesty, can afford independence of opinion and action;—and that is the theory of nobility. But it is the rich man in a true sense, that is to say, not the man of large income and large expenditure, but solely the man whose outlay is less than his income and is steadily kept so.
    Ralph Waldo Emerson (1803–1882)

    The secret of success lies never in the amount of money, but in the relation of income to outgo.
    Ralph Waldo Emerson (1803–1882)

    Work though we must, our jobs do not automatically determine our priorities concerning our marriages, our children, our social life, or even our health. It’s still life, constrained as it may be by limited disposable income or leisure time, and we’re still responsible for making it something we enjoy or endure.
    Melinda M. Marshall (20th century)