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."
For firms, income generally refers to "net-profit"—what remains of revenue total after expenses have been subtracted. In the field of public economics, the term may refer to the accumulation of both monetary and non-monetary consumption ability, with the former (monetary) being used as a proxy for total income.
Read more about Income: Increase in Income, Economic Definitions, Income Inequality, Income in Philosophy and Ethics, Accountancy
Other articles related to "income":
... 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 ...
... 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 ...
... 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 from businesses and investments ... 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 ... may allow losses from one type of income to be counted against another ...
... on stocks (common and preferred, and convertible), fixed income instruments (bonds, notes, bills, strips, zero coupon), and some other investment type insurance products (e.g ... It may be used to state the owner's total return, or just a portion of income, or exceed the income ...
... Board (IASB) uses the following definition "Income is increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or ...
Famous quotes containing the word income:
“Italy is such a delightful place to live in if you happen to be a man. There one may enjoy that exquisite luxury of Socialism—that true Socialism which is based not on equality of income or character, but on the equality of manners. In the democracy of the caffè or the street the great question of our life has been solved, and the brotherhood of man is a reality. But it is accomplished at the expense of the sisterhood of women.”
—E.M. (Edward Morgan)
“You boast of spending a tenth part of your income in charity; maybe you should spend the nine tenths so, and done with it.”
—Henry David Thoreau (1817–1862)
“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)