Income (Elementary)
Income is the money that is earned from a job, business, or investment. It is the money that is received in exchange for providing goods or services. Income is the primary source of financial stability for individuals and businesses. It is the money that is used to pay for basic necessities such as food, clothing, and shelter, as well as other expenses such as entertainment, travel, and savings.
History of Income
Income has been around since the dawn of civilization. In ancient times, income was earned through bartering and trading goods and services. As economies developed, money became the primary form of exchange, and income was earned through wages, salaries, and investments. In modern times, income is earned through a variety of sources, including wages, salaries, investments, and government benefits.
Comparison of Income Sources
| Income Source | Taxable | Tax Rate |
|---|---|---|
| Wages | Yes | Varies |
| Salary | Yes | Varies |
| Investment | Yes | Varies |
| Government Benefits | No | N/A |
Summary
Income is the money that is earned from a job, business, or investment. It is the primary source of financial stability for individuals and businesses. Income has been around since the dawn of civilization and is earned through a variety of sources, including wages, salaries, investments, and government benefits. For more information about income, visit the Internal Revenue Service website or consult a financial advisor.
See Also
- Wages
- Salary
- Investment
- Taxable Income
- Tax Rate
- Government Benefits
- Financial Stability
- Bartering
- Trading
- Internal Revenue Service
