Household Income

Definition

  • The total combined income of all members within a household.

Synonyms
net pay, earnings, revenue, profit, wages

Acronyms
HHI

Related Terms and Acronyms

  • Annual Household Income (AHI)Acronym,
      Also written as AHHI.
    • Average Monthly Household Income (AMHI)Acronym,
      • Cash Flow Definition,
        • The money an investment produces after subtracting cash expenses from income.
      • Constructive Receipt Definition,
        • The idea in which a taxpayer does not actually have to take possession of money for it to be taxable. An example of this is when savings account interest is reinvested rather than sent to the account holder as a separate payment. In this case, the account holder constructively received the interest because the earnings were credited to his account and could have been taken out at the owner's discretion. As such, the earnings are taxable.
      • Earned Income Definition,
        • Money earned through wages, salaries, tips, net earnings (if self-employed), and any other income received for work or personal services. Investment income, such as dividends and interest, is not counted as earned income.
      • Gross Income Definition,
        • Normal annual income including overtime that is regular or guaranteed. The income may be from more than one source. Salary is generally the principal source, but other income may qualify if it is significant and stable.
      • Income Tax Definition,
        • The main source of revenue for the federal government and many Provinces. The tax is based on your earned and unearned income. The amount or percentage taxed is based on the amount of income, using the governments graduated tax scale.
      • Income-splitting Definition,
        • A financial strategy used for tax purposes to reduce the overall tax burden on a family. Income is shifted from one family member to another who is in a lower tax bracket, so the income is taxed at the lower rate to save the family money.
      • Median Household Income (MHI)Acronym,
        • Mixed-income Housing Definition,
          • A neighbourhood whose residents earn widely varying wages and salaries.
        • Net Income (NI) Acronym, Very Important,
          • The difference between effective gross income and expenses. The term is qualified as net income before depreciation and debt.
        • Personal Disposable Income Definition,
          • Personal income minus personal income tax payments. Also called "take-home pay."
        • Taxable Income Definition,
          • Income that is subject to taxation after accounting for adjustments, exemptions, and deductions.
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