Income

Definition

  • The total sum of salaries, wages, profits, and any other forms of earnings received by an entity in a given time period

Synonyms
profit, earnings, fat stacks, yield, revenue, proceeds, gainings

Related Terms and Acronyms

  • Debt-to-Income Ratio Definition,
    • The percentage of an individual's income that is used to repay debt.
  • 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 Debt Service (GDS) Acronym, Very Important,
    • The total monthly mortgage (or rent) payments, property taxes, utilities and maintenance fees as a percentage of gross monthly income.
    Used by mortgage lender underwriters to determine one's ability to qualify for a mortgage loan.
  • Gross Overtime Definition,
    • Overtime pay before taxes that is averaged over two years can be considered monthly income, but it must be over the two years or it does not count.
  • Loss Definition,
    • When expenses are larger than revenues.
  • Other Income/Expenses Definition,
    • Any income or expenses earned or disbursed by a business that are not clearly associated to its core operations.
  • Passive Income Definition,
    • Income coming in on a regular basis, with little or no maintenance.
  • Personal Disposable Income Definition,
    • Personal income minus personal income tax payments. Also called "take-home pay."
  • Recognized Gain or Loss Definition,
    • The amount of gain or loss reported for income tax purposes. You may be able to defer recognizing gain or loss on certain property exchanges, such as like-kind exchanges.
  • Revenue Definition,
    • Money earned by a company from its business activities.
  • Royalty Income Definition,
    • Payment for the use and exploitation of certain kinds of property, such as artistic or literary works, patents and mineral rights.
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