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Definitions from WordNet

Definitions from the Web

Term: Personal Income

Description:

Personal income refers to the total earnings, including wages, salaries, bonuses, profit shares, and other sources, received by an individual or household within a given timeframe.

Senses and Usages:

Sense 1: Individual's Earnings

In this sense, personal income is used to describe the amount of money an individual earns from various sources such as employment, investments, or self-employment.

Example Sentence: Her personal income increased significantly after she got a promotion at work.

Sense 2: Household Income

Personal income can also refer to the combined income earned by all members of a household or family unit, encompassing both earned and unearned income.

Example Sentence: The family's personal income allowed them to afford a comfortable lifestyle.

Sense 3: Taxable Income

In taxation, personal income represents the amount of earnings subject to income tax after applying eligible deductions and exemptions.

Example Sentence: After deducting business expenses, his personal income tax liability was reduced.

Sense 4: Disposable Income

Disposable income is the part of personal income that remains after deducting taxes and other mandatory contributions, available for spending, saving, or investing.

Example Sentence: They decided to invest a portion of their disposable income in stocks.

Possible Related Products:

Check out the following books related to personal income:

• Personal Income Management
• Income Tax Planning
• Investing for Financial Independence