What is Income?
Answer:
Income is the amount of money received through
regular work, either by a business or an individual.  For businesses income refers to revenue received for the sale of products or services and for individuals it can mean the amount of your regular paycheck plus any extra money received through child support, alimony, some gifts and the interest on your savings or investments.

There are different types of income, most commonly Net Income and Gross Income, with gross income being the total amount of money you earn during a period of time and net income being the figure you are left with after deducting any authorized expenses.  The amount of tax a business or individual pays is generally a percentage of their income.
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