Income Meaning: Definition, Examples, and Translations
💰
income
[ˈɪnkʌm ]
Definitions
financial
Income refers to money received, especially on a regular basis, for work or through investments.
Synonyms
Which Synonym Should You Choose?
| Word | Description / Examples |
|---|---|
| income |
General term for the total money received, and can include wages, salary, dividends, interest, rent, etc.
|
| earnings |
Money received from work or business, often used in a more professional or business context.
|
| revenue |
Total money generated by a business from its operations, usually before subtracting expenses.
|
| salary |
Fixed, regular payment (usually monthly) received by an employee from an employer.
|
Examples of usage
- Her income comes from her job as a teacher.
- He has a steady income from his rental properties.
tax
Income is also used to calculate taxes, representing the amount of money a person or business earns in a specific period.
Synonyms
Which Synonym Should You Choose?
| Word | Description / Examples |
|---|---|
| income |
This is a general term referring to the money received by an individual or a business. It encompasses all sources of money, including wages, salaries, and other earnings.
|
| earnings |
This term is often used to denote the money an individual makes from their job or the financial gain of a business. It is usually synonymous with 'profits' when discussing companies.
|
| revenue |
This word is typically used in a business context to indicate the total amount of money generated from the sale of goods or services before any expenses are deducted.
|
| salary |
This term refers to a fixed, regular payment made by an employer to an employee, typically expressed on an annual basis.
|
Examples of usage
- The tax rate is based on your total income for the year.
- You need to report all sources of income on your tax return.
societal
Income inequality refers to the unequal distribution of income among individuals or households in a society.
Synonyms
Which Synonym Should You Choose?
| Word | Description / Examples |
|---|---|
| income |
General term for money that someone receives, especially on a regular basis from work, investments, or government aid.
|
| disparity |
Used to describe a significant difference or inequality, often in social or economic contexts. It generally highlights an unfair situation.
|
| imbalance |
Describes a situation where things are not in equal or proper proportions, often used in economic and social discussions. It implies a deviation from what is considered normal or fair.
|
| gap |
Refers to a noticeable difference or space between two points, levels, or groups. It’s often used in both physical and abstract contexts, such as economic or social differences.
|
Examples of usage
- There is a growing concern about income inequality in the country.
- Policies are being implemented to address income inequality.
Translations
To see the translation, please select a language from the options available.
Interesting Facts
Economics
- There are two main types of income: earned income (like salaries) and unearned income (like dividends from investments).
- Income is a crucial factor in economics as it affects buying power and overall economic growth.
- Understanding income distribution helps identify social inequalities and economic trends in a society.
Taxation
- In many countries, income is subject to taxation, which means a portion is collected by the government to fund public services.
- Tax systems can vary widely; for example, some have progressive tax rates where higher income earns a higher percentage tax.
- Income tax was first introduced in the UK in 1799 as a temporary measure to fund war efforts.
Cultural Insights
- Different cultures have varying attitudes toward income, with some valuing wealth accumulation and others focusing on communal sharing.
- The concept of 'passive income' has gained popularity in recent years, promoting financial independence and alternative lifestyles.
- In many societies, discussions around income can provoke strong emotions related to fairness, success, and identity.
Personal Finance
- Budgeting often involves tracking income to manage expenses and savings effectively.
- Increasing one's income can involve seeking new job opportunities, asking for raises, or starting side businesses.
- Understanding the difference between gross income (total earnings before taxes) and net income (what you take home) is vital for financial planning.
Origin of 'income'
Main points about word origin
- The word 'income' comes from the Old French 'incomm', which means 'to come in'.
- It was first used in the English language around the late 14th century during the medieval period.
- Over time, 'income' has evolved to encompass various forms of earnings, including wages, rents, and investments.
The word 'income' originated from the Latin word 'incommodus', which means 'not convenient' or 'unpleasant'. Over time, its meaning evolved to signify the money or earnings received by an individual or entity. The concept of income has been central to economic and social discussions, especially concerning distribution and equality. Understanding income is crucial for financial planning and taxation purposes.
See also: become, come, comeback, comers, coming, forthcoming, newcomer, overcome, upcoming.