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Incoming Call

Income


Income, generally defined, is the money that is received as a result of the normal business activities of an individual or a business. For example, most individuals' income is the money they receive from their regular paychecks. In business and accounting, income (also known as profit or earnings) is, more specifically, the amount of money that a company earns after paying for all its costs. To calculate a company's income, it starts with its amount of revenue, deducts all costs, including such things as employees' salaries and depreciation, and the number that results is its income, which may be a negative number. At least part of this money is typically reinvested in the business, and some of the money might be used to pay the owners (the shareholders) a dividend. All public companies are required to provide financial statements on a quarterly basis. The statement of income is an important part of this. Some companies also provide a more rosy financial report of their income, with ''pro forma'' reporting, or, EBITDA reporting. ''Pro forma'' income is an estimate of how much the company would have earned without including the negative effect of exceptional "one-time events", supposedly in order to show investors how much money the company would have made under normal circumstances if these exceptional, one-time events had not occurred. Critics charge that, in most cases, the "one-time events" are normal business events, such as an acquisition of another company or a write off of a cancelled project or division, and that ''pro forma'' reporting is an attempt to mislead investors by painting a rosy financial picture. Besides that, when discussing results with analysts and shareholders CEOs and CFOs have a tendency to do even more "hypothetical accounting". EBITDA stands for "earnings before interest, taxes, depreciation, and amortisation", and is also criticised for being an attempt to mislead investors. Warren Buffett has criticised

Income


----- I removed this paragraph: :In corporations, income is not exactly synonymous with the way most people think of profit. In the minds of most people, if a person selling lemonade that costs him 3 dollars and which he sells for 5 dollars, he makes a profit of 2 dollars which he keeps himself. Lets say that he decided to make his business a corporation and sell all of it, but became CEO. The next year he sells 5 dollars worth of lemonade, his salary (what he gets paid by the company) is one dollar, and the cost per lemonade is still 3 dollars. Now the income is the 1 dollar left over. Critics of the concept of a corporation says that in practise they must still pay the guy 2 dollars, the same as he would make if he fully owned the company, otherwise he would leave. This would force the company to raise costs or introduce other means to keep his pay the same, and critics argue that this is a fatal flaw in the concept of a publicly traded corporation. This long story is unnecessary; distilled, I think it is saying ''CEOs think they own the company, and should be compensated accordingly.'' I don't actually know any critics who make this rather naive argument at all. Tempshill 01:27, 14 Feb 2004 (UTC) ------------------ No this is not the point Im trying to make at all. Rather, it is trying to show the disconnect between what people normally think of as "profit" and what is known as income. The main issue is with the economic efficiency of a corperation. Lets take for example that a corperation buys out a local run bakery. Whereas the profit was essentially the "pay" for the guy who owned it, now the guy who runs it is probably going to be getting that amount of pay anyway, and the shareholders are going to be getting their cut. In order for them to get anything, either the price has to go up, or they have to be doing something more efficient. This paragraph is just trying to put the system into perspective, most people colliqually have a very wrong understanding

Per Capita Income


Components

Another point: Should per capita income include all sources of income? For example:
  • wages earned
  • government subsidies
  • * housing
  • * food
  • * medical
  • royalty payments (Alaska, oil royalty payments) You are talking about household income here. It inludes: income derived from work (ie wages, salaries), income derived from capital (ie interest, dividends, capital gains), and ''net'' transfers transfers received (ie pensions, welfare, etc) - transfers contributed (ie government health insurance, pension schemes). Per Capita Income, however, is normaly the GDP divided by the number of citizens. WojPob
  • *Perhaps this should be clarified in the article, together with a link to the source perhaps. Terms that may be used are "gross national income" which is gross domestic product less consumption of fixed capital, in the US the national income is published in the Fed Z1 report, http://www.federalreserve.gov/Releases/Z1/current/accessible/f7.htm, of the GNI on 9679.7, 6289.0 was "Households and nonprofit organizations compensation of employees" during 2003. - Jerryseinfeld 01:39, 4 Dec 2004 (UTC)

    Questions

    Does ''per capita'' mean that the income is per year or per month? (I came here form Nepal and this information isn't mentioned here nor there. Perheapes it would be worth to mark it in the article... Cek :"Per capita" means "per person", so it doesn't say anything about the amount of time. That said, ''per capita'' incomes are usually reported on a per-year basis; a longer name would be "annual per capita income". CDC (talk) 17:04, 20 Jun 2005 (UTC)

    Per Capita Income


    The per capita income for a group of people may be defined as their total personal income, divided by the number of people. Per capita income is usually reported in units of currency per year.

    Per capita income as a measure of wealth

    Per capita income is often used as a measure of the wealth of the population of a nation, particularly in comparison to other nations. It is usually expressed in terms of a commonly-used international currency such as the Euro or United States dollar, and is useful because it is widely known and produces a straightforward statistic for comparison. Particularly when comparing countries with substantially different levels of wealth, however, it has several weaknesses as a measurement.
  • Economic activity that does not result in monetary income, such as services provided within the family, or for barter, are usually not counted. The importance of these services will vary widely between different economies, both between countries and among different groups within a country. ''See: Informal economy''
  • Per capita income gives no indication of the distribution of that income within the country, so a small wealthy class can increase the measured per-capita income far above that of the majority of the population. ''See: Income inequality metrics''
  • Differing currency exchange rates between countries mean that a given amount of money (for example, one US dollar) has differing values in different places. ''See: Purchasing power''

    Some national per capita income levels

    Data on Per capita income based on a countries total personal income is very difficult to find. Much more commonly used due to its availability is the Gross domestic product (GDP). Total personal income is lower then the Gross domestic income! A ranking of the (probably) top ten countries by GDP per capita (in PPP-$, purchasing power parity-$): # Luxembourg $58,900 # United States $40,100 # Norway $40,000 # Bermuda $36,000 # San Marino,

    Income Tax


    Income tax is a direct tax which is levied on the income of private individuals. Various income tax systems exist, ranging from a flat tax to an extensive progressive tax system. Tax levied on the income of companies is often called corporate income tax or corporation tax, although some jurisdictions impose income tax on companies. An income tax can be a tax on net income, which is the difference between gross receipts and expenses.

    Income tax in the UK

    Income tax is an annual tax, and is reimposed each year in the annual Finance Act. Income tax has a number of bands: 10% (lower rate), 20% (basic rate for interest), 22% (basic rate), 32.5% (higher rate for UK dividends) & 40% (higher rate for other income). There are also a number of allowances allowed before the tax bands apply.
    History
    Income tax was first introduced in Britain by William Pitt the Younger in his budget of December 1798. The revenue was intended to help finance the war against France. Pitt's new graduated tax began at a levy of 2d in the pound (0.8333%) on incomes over £60 and increased up to a maximum of 2s (10%) on incomes of over £200. Pitt hoped that the new income tax would raise £10 million but actual receipts for 1799 totalled just over £6 million. Income tax was levied under 5 schedules - income not falling within those schedules was not taxed. The schedules were:
  • Schedule A (tax on income from UK land)
  • Schedule B (tax on commercial occupation of land)
  • Schedule C (tax on income from public securities)
  • Schedule D (tax on trading income, income from professions and vocations, interest, overseas income and casual income)
  • Schedule E (tax on employment income) Later a sixth Schedule, Schedule F (tax on UK dividend income) was added. Pitt's income tax was levied from 1799 to 1802, when it was abolished by Henry Addington during the Peace of Amiens. Addington had taken over as prime minister in 1801, after Pitt's resignation

    Incoming Link


    An incoming link usually means a hyperlink coming from another resource to the current one, especially on the World Wide Web. Analysis of incoming links is useful to determine where visitors to a particular resource (such a web page) may 'arrive' from. The Google search engine has a facility to search for incoming links. The quantity and source of incoming links to a particular page is a major feature of Google's PageRank algorithm. '''' Link popularity Category:World Wide Web

    Basic Income


    I don't understand what is vague or controversial about the implementation of a Basic Income. If an income tax already exists, then it is simply a matter of making it a refundable tax credit. It is very similar to the Earned Income Tax credit (which exists in the USA), except that you don't need to work to get a Basic Income. -adam :I don't know about that, but can we please at least say what country this is referring to in the article? I assume it's the US, but really don't know. I'm thinking of the reference to the "Green Party", by the way - maybe the idea of a "Basic Income" as used in this sense in international (though I doubt that somehow). --Camembert : Green Parties exist in many nations. I heard that the Irish Green Party was making a good push for Basic Income a couple of years ago (I'm in the USA). It has also been on the platform of Green parties in areas that I live. Anyway, that might have been a unnecessary comment, and I wouldn't object to its removal. ---- The "high cost" argument is very much a matter of opinion. I could make the case that basic income is a subsidy to employers and thus reduces the costs of employing people, (in the same general way that income tax increases the costs of employing people). Looked at in this way, it becomes clear that basic income can be implemented at no cost to the economy as a whole, since the cost of paying employees is merely switched from a headcount-related charge on employers' payrolls to a profit-related charge on their tax bill. However by reducing the direct costs of employing people it should increase the number of people in employment, reducing welfare payments and therefore reducing the cost to the economy as a whole. -- Derek Ross


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