Income definition: Copy, customize, and use instantly
Introduction
The term "Income" refers to the total monetary or non-monetary gains earned by an individual, business, or organization from various sources over a specific period. This term is essential in legal, financial, and contractual contexts for determining obligations, eligibility, or entitlements such as taxation, benefits, or payments.
Below are various examples of how "Income" can be defined in different contexts. Copy the one that fits your needs, customize it, and use it in your contract.
Definition of "Income" as total earnings from all sources
This definition ties "Income" to comprehensive earnings.
"Income" means the total amount of money or value received from all sources, including wages, salaries, investments, and business profits, before deductions or taxes.
Definition of "Income" as gross revenue for businesses
This definition connects "Income" to business operations.
"Income" refers to the total gross revenue generated by a business from its operations, including sales, services, and other commercial activities, before deducting expenses.
Definition of "Income" as taxable revenue
This definition links "Income" to tax liabilities.
"Income" means the portion of earnings subject to taxation under applicable laws, including salaries, dividends, interest, and other taxable gains.
Definition of "Income" as net earnings
This definition applies "Income" to post-expense gains.
"Income" refers to the amount remaining after deducting all applicable expenses, liabilities, or deductions from gross revenue or earnings.
Definition of "Income" as compensation from employment
This definition ties "Income" to wages and salaries.
"Income" means the compensation earned through employment, including wages, salaries, bonuses, and commissions.
Definition of "Income" as passive earnings
This definition connects "Income" to investment returns.
"Income" refers to earnings derived from passive sources such as dividends, interest, rental income, or royalties.
Definition of "Income" as adjusted gross income
This definition links "Income" to adjusted financial figures.
"Income" means the total earnings calculated as gross income minus specific adjustments, such as retirement contributions or business expenses, as defined under applicable laws.
Definition of "Income" as disposable income
This definition applies "Income" to spending capacity.
"Income" refers to the amount of earnings remaining after taxes and mandatory deductions, available for personal spending or saving.
Definition of "Income" as household earnings
This definition ties "Income" to combined family contributions.
"Income" means the combined earnings of all members within a household, including wages, pensions, and other sources of financial support.
Definition of "Income" as recurring revenue
This definition connects "Income" to periodic gains.
"Income" refers to recurring earnings received on a regular basis, such as monthly salaries, annuities, or recurring payments from investments.
Definition of "Income" as realized gains
This definition links "Income" to financial transactions.
"Income" means the gains realized from the sale or exchange of assets, investments, or property during a specific period.
Definition of "Income" as retirement benefits
This definition applies "Income" to retirement payouts.
"Income" refers to earnings received through retirement plans, pensions, or social security benefits during an individual's post-employment years.
Definition of "Income" as income from self-employment
This definition ties "Income" to entrepreneurial earnings.
"Income" means the total revenue generated by an individual through self-employment, freelance work, or independent business activities.
Definition of "Income" as government assistance
This definition connects "Income" to public benefits.
"Income" refers to monetary support or benefits received from government programs, including unemployment benefits, grants, or welfare assistance.
Definition of "Income" as periodic trust distributions
This definition links "Income" to trust-based payouts.
"Income" means the payments or distributions made from a trust or estate to a beneficiary, based on the terms of the trust agreement or will.
Definition of "Income" as financial gains from investments
This definition ties "Income" to investment earnings.
"Income" means the financial gains generated from investments, such as dividends, capital gains, interest, or rental payments.
Definition of "Income" as gross income for tax purposes
This definition connects "Income" to taxable earnings.
"Income" refers to the total gross amount of earnings before deductions or exemptions, as determined under applicable tax laws for filing and payment purposes.
Definition of "Income" as operational profit for businesses
This definition links "Income" to business profitability.
"Income" means the profit earned by a business after deducting the costs of goods sold and operating expenses from gross revenue.
Definition of "Income" as recurring pension payments
This definition applies "Income" to post-retirement earnings.
"Income" refers to the regular payments received from pension plans, retirement accounts, or other post-employment benefit programs.
Definition of "Income" as gains from intellectual property
This definition ties "Income" to royalties and IP earnings.
"Income" means the earnings received from licensing, royalties, or other monetary gains related to the use of intellectual property, including patents, trademarks, and copyrights.
Definition of "Income" as supplemental earnings
This definition connects "Income" to additional revenue streams.
"Income" refers to supplemental earnings obtained from part-time work, freelance services, or side businesses in addition to primary employment.
Definition of "Income" as annuity payments
This definition links "Income" to structured payouts.
"Income" means the recurring payments made under an annuity agreement, often structured over a fixed period or for the lifetime of the recipient.
Definition of "Income" as legal settlement payments
This definition applies "Income" to settlement proceeds.
"Income" refers to the monetary amounts received as part of legal settlements, awards, or judgments, unless excluded by law or specific agreement.
Definition of "Income" as agricultural revenue
This definition ties "Income" to farming and agriculture.
"Income" means the revenue generated from agricultural activities, including the sale of crops, livestock, and other farm-related products or services.
Definition of "Income" as revenue from professional services
This definition connects "Income" to service-based work.
"Income" refers to the monetary compensation earned through the provision of professional services, such as consulting, legal advice, or medical practice.
Definition of "Income" as partnership distributions
This definition links "Income" to shared profits.
"Income" means the share of profits distributed to partners in a partnership, based on the terms of the partnership agreement.
Definition of "Income" as deferred compensation
This definition applies "Income" to postponed earnings.
"Income" refers to compensation earned in one period but paid out or made available in a future period, often as part of a deferred compensation plan.
Definition of "Income" as earnings from real estate
This definition ties "Income" to property-related gains.
"Income" means the earnings derived from real estate investments, including rental payments, property sales, or other real property-related revenues.
Definition of "Income" as non-cash earnings
This definition connects "Income" to benefits in kind.
"Income" refers to non-monetary earnings or benefits, such as goods, services, or other perks, that hold a measurable monetary value.
Definition of "Income" as dividend payments
This definition links "Income" to corporate distributions.
"Income" means the periodic payments distributed to shareholders from a corporation's profits as dividends.
Definition of "Income" as passive income streams
This definition ties "Income" to non-active earnings.
"Income" means earnings generated without active involvement, such as rental income, interest, royalties, and dividends from investments.
Definition of "Income" as capital gains proceeds
This definition connects "Income" to asset appreciation.
"Income" refers to the monetary gains realized from the sale or exchange of capital assets, such as stocks, bonds, or real estate.
Definition of "Income" as income from governmental grants
This definition links "Income" to public funding.
"Income" means the financial support or monetary assistance received through governmental grants, subsidies, or funding programs.
Definition of "Income" as foreign-source earnings
This definition applies "Income" to international revenues.
"Income" refers to earnings derived from foreign sources, including wages, investments, or business activities conducted outside the resident country.
Definition of "Income" as income from royalty agreements
This definition ties "Income" to intellectual property.
"Income" means earnings derived from royalty agreements, such as payments for licensing intellectual property, including music, art, or patents.
Definition of "Income" as trust income distributions
This definition connects "Income" to trust beneficiaries.
"Income" refers to the monetary distributions received from a trust by a beneficiary, based on the terms outlined in the trust agreement.
Definition of "Income" as irregular earnings
This definition links "Income" to non-recurring payments.
"Income" means earnings from irregular sources, such as one-time consulting fees, prizes, awards, or inheritance.
Definition of "Income" as agricultural subsidies
This definition applies "Income" to farming support.
"Income" refers to payments or financial support received through agricultural subsidy programs designed to assist farmers and agricultural producers.
Definition of "Income" as earnings from professional licenses
This definition ties "Income" to certified services.
"Income" means revenue earned from practicing a profession that requires licensure, such as legal, medical, or accounting services.
Definition of "Income" as temporary earnings
This definition connects "Income" to short-term revenue.
"Income" refers to revenue earned through temporary or seasonal work, including short-term employment or project-based contracts.
Definition of "Income" as charitable contributions received
This definition links "Income" to nonprofit organizations.
"Income" means monetary or in-kind contributions received by a nonprofit organization to support its operations and charitable activities.
Definition of "Income" as income from shared ownership
This definition applies "Income" to co-ownership arrangements.
"Income" refers to earnings derived from co-owned assets, such as shared profits from jointly owned properties or businesses.
Definition of "Income" as deferred trust payouts
This definition ties "Income" to postponed distributions.
"Income" means the scheduled payouts or deferred distributions from a trust, as outlined in the governing trust agreement.
Definition of "Income" as lottery or gambling winnings
This definition connects "Income" to chance-based earnings.
"Income" refers to monetary gains received from lotteries, gambling activities, or other games of chance.
Definition of "Income" as corporate retained earnings
This definition links "Income" to business profit retention.
"Income" means the portion of business profits retained within a corporation rather than distributed to shareholders, often reinvested for growth.
Definition of "Income" as recurring financial benefits
This definition ties "Income" to regular financial inflows.
"Income" means any financial gains received on a recurring basis, such as salaries, pensions, or periodic investment returns.
Definition of "Income" as corporate operating income
This definition connects "Income" to core business activities.
"Income" refers to the profit generated by a company from its primary operations, excluding extraordinary gains or losses.
Definition of "Income" as freelance or gig economy earnings
This definition links "Income" to self-directed work.
"Income" means the earnings derived from freelance work, independent contracting, or participation in the gig economy, such as driving services or short-term tasks.
Definition of "Income" as proceeds from asset sales
This definition applies "Income" to transactional gains.
"Income" refers to the financial gains realized from selling personal or business assets, including equipment, real estate, or inventory.
Definition of "Income" as dividend reinvestment returns
This definition ties "Income" to reinvested capital.
"Income" means earnings generated through reinvestment of dividends into additional shares or securities, contributing to the overall portfolio growth.
Definition of "Income" as grants or scholarships
This definition connects "Income" to educational funding.
"Income" refers to financial aid, grants, or scholarships provided to individuals for educational purposes, which may or may not be subject to taxation.
Definition of "Income" as cooperative distributions
This definition links "Income" to shared cooperative earnings.
"Income" means distributions made to members of cooperatives or mutual organizations based on their participation or patronage.
Definition of "Income" as government-stimulus payments
This definition applies "Income" to public financial aid.
"Income" refers to payments provided by government stimulus programs to individuals or businesses to support economic recovery or alleviate financial hardship.
Definition of "Income" as proceeds from crowdfunding campaigns
This definition ties "Income" to public fundraising.
"Income" means the monetary contributions received from crowdfunding platforms or campaigns intended to fund personal, business, or charitable endeavors.
Definition of "Income" as sustainable passive revenue
This definition connects "Income" to renewable sources.
"Income" refers to consistent earnings generated from sustainable sources, such as renewable energy investments or long-term royalties.
Definition of "Income" as compensation for loss or injury
This definition links "Income" to indemnity payments.
"Income" means monetary compensation received as a result of legal settlements, insurance claims, or judgments for loss, injury, or damage.
Definition of "Income" as nonprofit fundraising revenue
This definition applies "Income" to organizational funding.
"Income" refers to funds raised by nonprofit organizations through campaigns, donations, events, or sponsorships to support their mission.
Definition of "Income" as distributions from retirement accounts
This definition ties "Income" to retirement savings withdrawals.
"Income" means the payments received from retirement accounts, such as 401(k) plans or IRAs, during the retirement period.
Definition of "Income" as trade or business profits
This definition connects "Income" to entrepreneurial ventures.
"Income" refers to the financial gains or profits generated from trade, commerce, or business operations after deducting associated expenses.
Definition of "Income" as funds received through inheritance
This definition links "Income" to inherited wealth.
"Income" means the monetary assets or financial gains received from an estate or inheritance, whether through wills, trusts, or other legal transfers.
This article contains general legal information and does not contain legal advice. Cobrief is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer.