FAMILY INCOME Meaning and
Definition
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Family income refers to the total amount of money earned or received by all members of a household over a specific period of time, typically within a year. It represents the collective income generated by all individuals who are related by blood, marriage, or legal adoption and live together as a single economic unit. This can include wages, salaries, bonuses, commissions, tips, rental income, investment earnings, and government subsidies received by any member of the household.
Family income is an essential measure used to assess the financial well-being and prosperity of a household. It provides an overview of the combined economic resources available to individuals living within a family unit. Family income is often used to determine eligibility for certain benefits, assistance programs, taxation purposes, and various economic studies. It plays a crucial role in determining a family's ability to meet their basic needs, such as food, housing, education, healthcare, and other essential expenses.
Calculating family income involves considering the earnings of all family members, regardless of age or employment status. This includes income from full-time or part-time employment, self-employment, pensions, social security benefits, alimony, and other sources. It is a comprehensive representation of the financial resources available to a family, which helps in assessing their economic standing and making informed financial decisions.
Common Misspellings for FAMILY INCOME
- damily income
- camily income
- vamily income
- gamily income
- tamily income
- ramily income
- fzmily income
- fsmily income
- fwmily income
- fqmily income
- fanily income
- fakily income
- fajily income
- famuly income
- famjly income
- famkly income
- famoly income
- fam9ly income
- fam8ly income
- famiky income
Etymology of FAMILY INCOME
The word "family income" is not derived from a specific etymology as it is a combination of two separate words.
The term "family" originated from the Latin word "familia", which referred to a household, including both the people and their domestic servants. Over time, "family" expanded its meaning to include a group of people related by blood, marriage, or adoption who live together and share resources.
The word "income" has its roots in the Latin word "incominus", which means "entrance" or "arrival". It evolved to "incomen" in Middle English and eventually became "income" in modern English. The term "income" refers to the amount of money a person or household earns or receives regularly.
Therefore, when combined, "family income" simply refers to the total earnings or resources of a household or family.
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