what is the difference between income and money?
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You should understand that money is used to purchase goods and services. While income and wealth are valued in money units, that is their only relationship with money. Income is the annual flow of purchasing power earned by an individual.
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Originally Answered: What is the difference between gross total income and total income? Gross income is the revenue generated from a business's sales or an individual's labor. Net income is the profit made from that revenue when total expenses are taken out.
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Income Tax is a tax you pay on your income. You do not have to pay tax on all types of income. ... You pay tax on things like: money you earn from employment. profits you make if you're self-employed - including from services you sell through websites or apps.
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Gross income is the total amount you earn and net income is your actual business profit after expenses and allowable deductions are taken out. However, because gross income is used to calculate net income, these terms are easy to confuse.
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Capital is the money you invest. ... Capital is the money invested or available to be invested. Income refers to flow of money, it could your salary or a firm's earnings. The amount you save from your income, again becomes your capital (which you can use for Investments or expenses).
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The terms “profit” and “income” are often used as synonyms, but you need to distinguish the difference between these two numbers. Income is the top-line revenue. ... Income is commonly referred to as “Gross Revenue.” On the other hand, profit is the amount that is left over after the expenses have been paid.
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Annual net income is the amount of money you earn in a year after certain deductions have been removed from your gross income. ... Your net income is the money you have left over once deductions have been removed. This is often the money you have to spend on monthly payments and other living expenses.
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The one major difference between currency and money that many are not conscious of, is the store of value. Currency is not a store of value, in fact, it can even go to zero because of extreme circumstances. It is also volatile because it has no intrinsic value. Money, on the other hand, is a store of value.
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Such is the basic difference between money and currency. While money stores intrinsic value within itself, fiat currency possesses buying power bestowed upon it by the government. But this was not always the case.
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Gross income is all the money you get within a given time period (usually a month). ... Net income is what's leftover of your gross income after you take care of necessary “non-negotiable” expenses. For adults, taxes and contributions to retirement accounts are common costs.
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No they are not the same. Taxable income is what you earn that you have to pay taxes on. ... Taxable income is the amount of income which is used to calculate how much tax an individual or a company owes to the government in a given tax year. While income tax is the amount charged on taxable income.
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Gross income is a person's total income earned before taxes and other deductions. Earned income includes salaries, wages, bonuses, tips, and self-employment income. Net income is a person's income earned after deductions and taxes. Net income is the percentage of take home pay from each paycheck.
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Revenue is the total amount of income generated by the sale of goods or services related to the company's primary operations. Income or net income is a company's total earnings or profit. Both revenue and net income are useful in determining the financial strength of a company, but they are not interchangeable.
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2. Briefly describe the difference between wealth and income, and the significance of the two concepts for understanding social inequality. Wealth refers to the stock of assets held by a person or household at a single point in time. ... Income refers to money received by a person or household over some period of time.
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Salary and gross income Your salary includes the total amount of money you get paid from your job before any taxes or other payroll deductions are taken out. ... Going further, gross income is a much-more useful number to know. It includes your salary, as well as any other forms of income you may have.
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The difference between net income and net cash flow. Net income is the revenues recognized in a reporting period, less the expenses recognized in the same period. ... Net cash flow is calculated by determining changes in ending cash balances from period to period, and is not impacted by the accrual basis of accounting.
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Taxable income is the amount of income subject to taxation. If you make $50,000 and have $10,000 of deductions for charity, interest on your mortgage, etc., then your taxable income is $40,000. ... Income tax is the amount of tax you pay, based on tax rates and your taxable income.