Wealth gained by a person or company within a given time period
For the concept in U.S. law, see Income (United States legal definitions).
This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. Find sources: "Income" – news · newspapers · books · scholar · JSTOR(October 2010) (Learn how and when to remove this message)
Income is the consumption and saving opportunity gained by an entity within a specified timeframe, which is generally expressed in monetary terms.[1] Income is difficult to define conceptually and the definition may be different across fields.[2][page needed] For example, a person's income in an economic sense may be different from their income as defined by law.[2]
An extremely important definition of income is Haig–Simons income, which defines income as Consumption + Change in net worth and is widely used in economics.[2]
For households and individuals in the United States, income is defined by tax law as a sum that includes any wage, salary, profit, interest payment, rent, or other form of earnings received in a calendar year.[3] Discretionary income is often defined as gross income minus taxes and other deductions (e.g., mandatory pension contributions), and is widely used as a basis to compare the welfare of taxpayers.
In the field of public economics, the concept may comprise the accumulation of both monetary and non-monetary consumption ability, with the former (monetary) being used as a proxy for total income.
For a firm, gross income can be defined as sum of all revenue minus the cost of goods sold. Net income nets out expenses: net income equals revenue minus cost of goods sold, expenses, depreciation, interest, and taxes.[1]
^ ab
Barr, N. (2004). Problems and definition of measurement. In Economics of the welfare state. New York: Oxford University Press. pp. 121–124
^ abcMcCaffery, Edward (2012). The Oxford Introductions to U.S. Law: Income Tax Law 1st Edition. Oxford University Press.
^Case, K. & Fair, R. (2007). Principles of Economics. Upper Saddle River, NJ: Pearson Education. p. 54.
Income is the consumption and saving opportunity gained by an entity within a specified timeframe, which is generally expressed in monetary terms. Income...
Universal basic income (UBI) is a social welfare proposal in which all citizens of a given population regularly receive a minimum income in the form of...
The median income is the income amount that divides a population into two equally-sized groups, half having an income above that amount, and half having...
accounting, net income (also total comprehensive income, net earnings, net profit, bottom line, sales profit, or credit sales) is an entity's income minus cost...
income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable income)...
Per capita income (PCI) or average income measures the average income earned per person in a given area (city, region, country, etc.) in a specified year...
federal income tax collected by the United States, most individual U.S. states collect a state income tax. Some local governments also impose an income tax...
that includes all incomes and expenses (operating and non-operating) except interest expenses and income tax expenses. Operating income and operating profit...
to net income, defined as the gross income minus taxes and other deductions (e.g., mandatory pension contributions). For a firm, gross income (also gross...
An income statement or profit and loss account (also referred to as a profit and loss statement (P&L), statement of profit or loss, revenue statement,...
income distribution covers how a country's total GDP is distributed amongst its population. Economic theory and economic policy have long seen income...
agreement on which countries fit this category. The terms low and middle-income country (LMIC) and newly emerging economy (NEE) are often used interchangeably...
employment or a side job. Passive income, as an acquired income, is taxable. Examples of passive income include rental income and business activities in which...
Household income is an economic standard that can be applied to one household, or aggregated across a large group such as a county, city, or the whole...
Income Insurance Limited, commonly known as Income, is a composite insurer based in Singapore, offering life, health and general insurance. Formerly known...
income is a term coined by Henry George to refer to income gained through ownership of land and other monopoly. Today the term often refers to income...
impose an income tax. They are determined by applying a tax rate, which may increase as income increases, to taxable income, which is the total income less...
Fixed income refers to any type of investment under which the borrower or issuer is obliged to make payments of a fixed amount on a fixed schedule. For...
Household income is a measure of the combined incomes of all people sharing a particular household or place of residence. It includes every form of income, e...
Income in the United States is measured by the various federal agencies including the Internal Revenue Service, Bureau of Labor Statistics, US Department...
Disposable income is total personal income minus current income taxes. In national[where?] accounts definitions, personal income minus personal current...
Taxable income refers to the base upon which an income tax system imposes tax. In other words, the income over which the government imposed tax. Generally...
Realty Income Corporation is a real estate investment trust that invests in free-standing, single-tenant commercial properties in the United States, Spain...
An income fund is a fund whose goal is to provide an income from investments. It is usually organized through a trust or partnership, rather than a corporation...
policy, several measures are used to gauge farm income over a given period of time. Gross cash income is the sum of all receipts from the sale of crops...
statistics or economics there are two main measures: absolute poverty compares income against the amount needed to meet basic personal needs, such as food, clothing...
personal income refers to the total earnings of an individual from various sources such as wages, investment ventures, and other sources of income. It encompasses...
has the same income) and 1 corresponds with perfect inequality (where one person has all the income—and everyone else has no income). Income distribution...