Income: meaning, definitions and examples

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income

[ˈɪnkʌm ]

Definitions

^{Context #1 | Noun}

financial

Income refers to money received, especially on a regular basis, for work or through investments.

Synonyms

earnings, revenue, salary.

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. Her income has increased significantly this year. The family's total income comes from various sources.
earnings	Money received from work or business, often used in a more professional or business context. Company earnings have surpassed expectations this quarter. My earnings from freelancing have allowed me to save more.
revenue	Total money generated by a business from its operations, usually before subtracting expenses. Our annual revenue has doubled since last year. Revenue from the new product line was higher than projected.
salary	Fixed, regular payment (usually monthly) received by an employee from an employer. She negotiated a higher salary before accepting the job offer. His salary is paid at the end of each month.

Examples of usage

Her income comes from her job as a teacher.
He has a steady income from his rental properties.

^{Context #2 | Noun}

tax

Income is also used to calculate taxes, representing the amount of money a person or business earns in a specific period.

Synonyms

earnings, revenue, salary.

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. My annual income has increased since I got a promotion Her total income includes her salary and rental income
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. His monthly earnings from freelance writing are substantial The company's quarterly earnings exceeded expectations
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. The company reported a significant increase in revenue this quarter They need to boost their revenue to stay competitive
salary	This term refers to a fixed, regular payment made by an employer to an employee, typically expressed on an annual basis. Her starting salary at the new job is very competitive He negotiated a higher salary before accepting the offer

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.

^{Context #3 | Noun}

societal

Income inequality refers to the unequal distribution of income among individuals or households in a society.

Synonyms

disparity, gap, imbalance.

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. She has a stable income that allows her to save for holidays His monthly income is sufficient to cover all household expenses
disparity	Used to describe a significant difference or inequality, often in social or economic contexts. It generally highlights an unfair situation. The income disparity between the rich and the poor is increasing There is a noticeable disparity in healthcare quality across different regions
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. The imbalance of power in the workplace is a serious issue There is an imbalance in the trade between the two countries, with one side exporting far more
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. There is a growing gap between the wages of men and women The gap in test scores between students from different schools is concerning

Examples of usage

There is a growing concern about income inequality in the country.
Policies are being implemented to address income inequality.

Interesting Facts

Etymology

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.

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.

Translations

Translations of the word "income" in other languages:

🇵🇹 renda

🇮🇳 आय (Aay)

🇩🇪 Einkommen

🇮🇩 pendapatan

🇺🇦 дохід

🇵🇱 dochód

🇯🇵 収入 (しゅうにゅう, shūnyū)

🇫🇷 revenu

🇪🇸 ingreso

🇹🇷 gelir

🇰🇷 수입 (suib)

🇸🇦 دخل (dakhl)

🇨🇿 příjem

🇸🇰 príjem

🇨🇳 收入 (shōurù)

🇸🇮 dohodek

🇮🇸 tekjur

🇰🇿 кіріс

🇬🇪 შემოსავალი (shemosavali)

🇦🇿 gəlir

🇲🇽 ingreso

Word Frequency Rank

With position #400, this word is vital for basic English fluency. It appears very frequently in everyday language and should be among the first words you learn and actively use.

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397 clear
398 self
399 systems
400 income
401 price
402 average
403 bill
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