Different Types Of Income

Income * An income is money received on a regular basis from work, owning an investment (rent), having a business or form of welfare payments. * Earned income is income that you receive in the form of wages or salaries from working or providing a service. Bonuses, tips and commissions are also considered ‘earned income. * Unearned income is income received without providing personnel services or labour on your part. Such things as dividends, interest, rent, capital gains, social security benefits, pension and child care alimony are all examples of unearned incomes * Wages many people earn wages from the age of 15 when they begin casual work at supermarkets, bakeries, fast food outlets and news agencies. If you work more than your allocated hours per week you might be eligible for overtime payments * Commission people such as real-estate agents and sales assistants in car yards and at travel agents may elect to be paid on commission. This means that they are paid a percentage of the volume of sales that they generate through their works * Salaries people who earns a salary have a full and par-time jobs were the employer provides entitlements such as sick leave, superannuation and long service leave. People who earn salaries are not paid by the hour they are paid based on an agreed yearly amount (e.g. $50000 p.a.) * Fees professionals such as dentists, doctors, lawyers and accountants get their income by charging a fee for their services to clients. * Profit people who operate their own business are self-employed. They make their own income from the profit the business makes * Royalties

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