Personal income

An individual's total earnings / From Wikipedia, the free encyclopedia

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In economics, personal income refers to an individual's total earnings from wages, investment enterprises, and other ventures. In general, it refers to all products and money that you receive.

Personal income can have several definitions. It is the sum of all the incomes received by all the individuals or household during a given period. Personal income is that income which is received by the individuals or households in a country during the year from all sources. In general, it refers to all products and money that you receive.[1] Personal income is either the earned income or transferred income which is received by households within the county or outside. Also personal income is the total capital that an individual receives from various sources in the course of life for a certain period of time. Personal income can include not only wages, but also a number of additional incomes (for example, dividends on securities, transfers, pensions, social benefits, rent, and so on). Personal income is calculated before deducting personal taxes charged to the subject. Personal income is an indicator that shows the real well-being of people and their ability to pay (before taxes) [2][3]