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

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.