income

n.

1. The amount of money or its equivalent received during a period of time in exchange for labor or services, from the sale of goods or property, or as profit from financial investments.
2. The act of coming in; entrance.

[Middle English, arrival, entrance, from incomen, to come in, from Old English incuman : in, in; see in¹ + cuman, to come; see come.]

Money received by a person or organization because of effort (work) or from return on investments.

Investopedia Says:
This is the general term for all the money that ends up in your hands.

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The money or other state benefit coming from the use of property, skill, or business.
Examples: In real estate, income may be produced by:

• rents

• fees

• royalties

• sales of crops, timber, or livestock

• revenues derived from business activities on the property

1. Money earned during an accounting period that results in an increase in total assets.

2. Items such as rents, interest, gifts, and commissions.

3. Revenues arising from sales of goods and services.

4. Excess of revenues over expenses and losses for an accounting period (i.e., net income).

See also Gross Income; Income Realization; Net Income; Revenue.

By working and being productive, households earn an income and businesses make a profit. The total amount that households and businesses receive before taxes and other expenses are deducted is called aggregate income. The amount of money that is left after taxes and other expenses have been deducted from one's pay is called disposable income. Discretionary income is what consumers (households) have to pay for the goods and services they desire. We shall focus only on households and how they consume their income. Households spend most of their discretionary income on con sumption. Some consumers spend even more than their current discretionary income on consumption by borrowing. Consumption consists of almost everything that consumers purchase, from durable to nondurable goods as well as all types of services. The only exception to this rule is the purchase of a new home: It is counted as an investment because homes tend to appreciate in value.

Households (individuals) cannot spend all their earnings on consumer goods and services. Part of the income each household receives must be used to pay different kinds of taxes, such as income taxes to federal, state, and local governments. Most state and local governments also impose sales taxes. In addition to paying income and sales taxes, households may also have to pay property taxes to local governments. After paying taxes and spending income on consumables, some households put aside money as savings to be used for consumption at a later time.

Earnings differ among individuals and households because of several factors: (1) inborn differences, (2) human-capital differences, (3) work and job performance, (4) discrimination,(5) age, (6) labor mobility, (7) government programs and policies, and (8) luck.

Inborn differences are those characteristics that one is blessed with, such as strength, energy, stamina, mental capacity, natural ability, and motivation.

Human-capital differences reflect how people invest various amounts of both their physical and mental capacities toward the achievement of specific goals.

Work and job performance indicates how individuals differ in their preferences regarding the trade-off between work and leisure. Those who wish to work more usually receive a higher income; others prefer more leisure at the cost of earning a lower income. People also prefer different types of jobs. These specific job choices will affect the distribution of income.

Discrimination is treating people differently solely on the basis of factors unrelated to productivity.

Age affects earnings significantly. Most individuals earn little before the age of eighteen. Earnings tend to increase as workers gain experience and their productivity increases.

Labor mobility—the willingness to go where the jobs are or to move wherever the company has a need—enhances an individual's income potential. Immobility limits workers' response to changes in wage rates and can contribute to an unequal distribution of income.

Government policies and programs, such as benefit programs and the progressive income tax, reduce income inequality. The minimum wage may also increase income inequality.

Luck plays a role in determining the distribution of income, but choices are perhaps the most important factor.

Bibliography

Mings, Turley. (2000). The Study of Economics: Principles, Concepts, and Applications, 6th ed. Guilford, CT: Dushkin Publishing Group.

[Article by: GREGORY P. VALENTINE]

n

Definition: money earned
Antonyms: bills, debt, expenditure, expenses

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n

The return in money from one’s business, practice, or capital invested; gains, profit.

This entry contains information applicable to United States law only.

The return in money from one's business, labor, or capital invested; gains, profits, salary, wages, etc.

The gain derived from capital, from labor or effort, or both combined, including profit or gain through sale or conversion of capital. Income is not a gain accruing to capital or a growth in the value of the investment, but is a profit, something of exchangeable value, proceeding from the property and being received or drawn by the recipient for separate use, benefit, and disposal. That which comes in or is received from any business, or investment of capital, without reference to outgoing expendi- tures.

The amount of money received during a period of time in exchange for labor or services, from the sale of goods or property, or as a profit from financial investments.

Financial return from a project or for help provided.

• i. elasticity — see demand elasticity.
• net i. — gross income less costs.
• i. over feed cost — a rough indicator of the profitability of an animal enterprise based principally on fattening of young livestock, e.g. in a feedlot. The fixed costs are the depreciation on the installation and labor, the variable costs are the price of cattle and the feed.

A cynical view of the world by Ambrose Bierce

n.

The natural and rational gauge and measure of respectability, the commonly accepted standards being artificial, arbitrary and fallacious; for, as "Sir Sycophas Chrysolater" in the play has justly remarked, "the true use and function of property (in whatsoever it consisteth -- coins, or land, or houses, or merchant- stuff, or anything which may be named as holden of right to one's own subservience) as also of honors, titles, preferments and place, and all favor and acquaintance of persons of quality or ableness, are but to get money. Hence it followeth that all things are truly to be rated as of worth in measure of their serviceableness to that end; and their possessors should take rank in agreement thereto, neither the lord of an unproducing manor, howsoever broad and ancient, nor he who bears an unremunerate dignity, nor yet the pauper favorite of a king, being esteemed of level excellency with him whose riches are of daily accretion; and hardly should they whose wealth is barren claim and rightly take more honor than the poor and unworthy."

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IN BRIEF: n. - The financial gain (earned or unearned) accruing over a given period of time.

When there is an income tax, the just man will pay more and the unjust less on the same amount of income. — Plato, Source: The Republic

sign description: The sign for MONEY is done quickly and then the hand makes a scooping motion across the flat hand.

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Quotes:

"There is nothing more demoralizing than a small but adequate income." - Edmund Wilson

"First secure an independent income, then practice virtue." - Greek Proverb

"There are few sorrows, however poignant, in which a good income is of no avail." - Robert Frost

"I'm living so far beyond my income that we may almost be said to be living apart." - E.E. (Edward. E.) Cummings

"A large income is the best recipe for happiness I ever heard of." - Jane Austen

This entry is from Wikipedia, the leading user-contributed encyclopedia. It may not have been reviewed by professional editors (see full disclaimer)

Income

Dansk (Danish)
n. - indkomst, indtægt, indtjening

idioms:

• income support    bistandshjælp, kontanthjælp
• income tax    indkomstskat

Nederlands (Dutch)
inkomen, inkomsten

Français (French)
n. - revenu, revenus, salaire

idioms:

• income support    (GB, Admin Soc) allocation chômage minimum
• income tax    (Fisc) impôt sur le revenu

Deutsch (German)
n. - Einkünfte, Einkommen

idioms:

• income support    zusätzliche Hilfe zum Lebensunterhalt
• income tax    Einkommenssteuer, Lohnsteuer

Ελληνική (Greek)
n. - (οικον.) εισόδημα, πρόσοδος

idioms:

• income support    επίδομα (κοινωνικής ασφάλισης) ανεργίας ή χαμηλού εισοδήματος, κοινωνικό βοήθημα
• income tax    (οικον.) φόρος εισοδήματος

Italiano (Italian)
reddito, stipendio

idioms:

• income support    complemento al reddito
• income tax    tassa sul reddito

Português (Portuguese)
n. - renda (f)

idioms:

• income support    salário (m) suplementar pago pelo governo (GB)
• income tax    imposto (m) de renda

Русский (Russian)
доход

idioms:

• income support    подоходное пособие (доплата до прожиточного минимума)
• income tax    подоходный налог

Español (Spanish)
n. - ingreso, renta, entrada, utilidad, rédito

idioms:

• income support    ayuda compensatoria
• income tax    impuesto a los réditos, impuesto sobre la renta

Svenska (Swedish)
n. - inkomst, avkastning

中文（简体）(Chinese (Simplified))
收入, 所得, 收益

idioms:

• income support    政府为低收入的人们提供的收入补助
• income tax    所得税

中文（繁體）(Chinese (Traditional))
n. - 收入, 所得, 收益

idioms:

• income support    政府為低收入的人們提供的收入補助
• income tax    所得稅

한국어 (Korean)
n. - 수입, 소득

日本語 (Japanese)
n. - 収入, 所得

idioms:

• fixed income    固定収入
• income support    主要所得者
• income tax    所得税

العربيه (Arabic)
‏(الاسم) دخل‏

עברית (Hebrew)
n. - ‮הכנסה כספית‬

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income	income papers
income from salary	income mutual fund