The definition of income is the amount of money received by a person, group or company during a certain period of time.
An example of an income is a $70,000 a year salary.
- Archaic the act or an instance of coming in
- the money or other gain received, esp. in a given period, by an individual, corporation, etc. for labor or services or from property, investments, operations, etc.
Origin of incomeME: see in and come
- The amount of money or its equivalent received during a period of time in exchange for labor or services, from the sale of goods or property, or as profit from financial investments.
- The act of coming in; entrance.
Origin of incomeMiddle English arrival, entrance from incomen to come in from Old English incuman in in ; see in 1. cuman to come ; see come .
- Money one earns by working or by capitalising on the work of others.
- (archaic or dialectal, Scotland) A new-comer or arrival; an incomer.
- (archaic) A coming in as by influx or inspiration, hence, an inspired quality or characteristic, as courage or zeal; an inflowing principle.
- (UK dialectal, Scotland) A disease or ailment without known or apparent cause, as distinguished between one induced by accident or contagion; an oncome.
income - Legal Definition
Money received for services performed, products sold, as interest on investments, as royalties on inventions or creative works, or generally in exchange for some performance or consideration.adjusted gross income
Gross income minus deductions permitted by the Internal Revenue Code.gross income
Income prior to any exemptions, exclusions, or deductions.imputed income
The doctrine that, under certain circumstances, a taxpayer realizes taxable income as a result of the use or consumption of his or her own property.income in respect of a decedent
Income due to a person before death but not collected until afterward.net income
Income after all exemptions, exclusions, and deductions.ordinary income
Income from routine or everyday activities, such as the operations of a business or the labor of an individual.taxable income
Same as net income.