Description Income is the consumption and saving opportunity gained by an entity within a specified timeframe, which is generally expressed in monetary terms. Income is difficult to define conceptually and the definition may be different across fields. Wikipedia
Here are a few examples of different types of income:
Employment income: This is the income you earn from working for someone else. It is usually paid in regular intervals, such as weekly, biweekly, or monthly.
Business income: This is the income you earn from running your own business. It can be irregular, depending on the success of your business.
Investment income: This is the income you earn from investments, such as stocks, bonds, and real estate. It can also be irregular, depending on the performance of your investments.
Government benefits: This is income you receive from the government, such as Social Security, Medicare, or unemployment benefits. It is usually paid on a regular basis.
Gross income: the total amount of money earned before taxes and deductions.
Net income: the amount of money remaining after taxes and deductions have been taken out.
Disposable income: the amount of money that is available to spend after taxes, deductions, and mandatory expenses have been paid.
Here are some possible answers:
Gross income is the total amount of money you earn before taxes are taken out.
Net income is the amount of money you have left after taxes and other deductions are taken out.
Disposable income is the amount of money you have left after taxes, deductions, and mandatory expenses are taken out.
Personal income is the income that an individual receives from wages, salaries, self-employment, and other sources.
Family income is the income that a family receives from all sources, including wages, salaries, self-employment, and other sources.
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