Income

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Income is money that is received by an individual. While that might appear to be a simple concept, there are actually many different kinds of income. Income from your work is generally known as "earned income," while income not related to your employment (such as any interest income from investments) is generally known as unearned income. Income before any tax is paid is usually known as gross income, and the income remaining is referred to as net income. Income on which tax must be paid is called taxable income, while if the income is not taxable it is known as tax-exempt. See also Adjusted Gross Income and Total Income.