Basic IncomeBasic Income
BonusBonus
CommissionCommission
Direct DepositDirect Deposit
Earned IncomeEarned Income
Exempt vs. Non-Exempt StatusExempt vs. Non-Exempt Status
Fringe BenefitsFringe Benefits
Gross IncomeGross Income
Gross PayGross Pay
Incentive PayIncentive Pay
Living WageLiving Wage
Merit IncreaseMerit Increase
Net IncomeNet Income
Net PayNet Pay
Pay FrequencyPay Frequency
Pay StubPay Stub
Payroll DeductionPayroll Deduction
Profit SharingProfit Sharing
Salary NegotiationSalary Negotiation
Salary SlipSalary Slip
Side HustleSide Hustle
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Earned Income

Definition

Money you receive from working, including wages, salaries, and tips. It’s the foundation for most people’s budgets and savings.

What to consider

  • Know the true amount you earn after taxes and deductions.
  • Use it as the basis for your savings and investment plans.
  • Keep track of any changes in your income over time.

Real world scenarios

  • Wesley tracks his monthly salary and freelance side gigs, calculating total earned income to plan his budget accurately.
  • Patty uses last year’s earned income figures to estimate quarterly tax payments, ensuring no big surprise at tax time.
  • By diversifying her sources of earned income, Felicia remains financially stable even if one contract ends.

Related terms

Living Wage
Pay Stub
Salary Slip
Exempt vs. Non-Exempt Status
Incentive Pay

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