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If last year you earned $80,000 in salary, $1,000 in interest income, and $5,000 in sales from your e-commerce business, your gross income for the year would be all of those income sources added ...
For a business, gross income (also gross profit, sales profit, or credit sales) is the difference between revenue and the cost of making a product or providing a service, before deducting overheads, payroll, taxation, and interest payments. This is different from operating profit (earnings before interest and taxes). [1]
Factor income (also called Primary income or Earned Income) is the flow of income that is derived from the factors of production, i.e., the general inputs required to produce goods and services. Factor income on the use of land is called rent , income generated from labor is called wages , and income generated from capital is divided between ...
Portfolio income: Portfolio income is derived from selling assets, and it represents the difference between the selling price of an asset and the price at which it was originally purchased. Passive income: Passive income is money received without significant active effort or involvement from the recipient. It includes income from sources such ...
This basic principle is usually applied to corporate accounting, but the fundamental differences between gross and net income can be applied to personal finance in a way that can help you budget ...
Differences Between Earned and Unearned Income. Knowing the differences between earned and unearned income is a fundamental aspect of your financial literacy and effective financial planning. Take ...
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 ...
Adjusted gross income is an important number used to determine how much you owe in taxes. It's a factor in determining your federal tax bracket and taxable income -- the portion of your income ...