Income

{
  "id": "MLC-T-ECS-000927",
  "term": "Income",
  "field": "Economic statistics",
  "definitions": [
    "Total money earnings and selected money receipts, including wages and salaries, self-employment earnings, Social Security, retirement benefits, total money earnings and selected money receipts, rental and property money received, unemployment and workers' compensation and veterans' benefits, public assistance, supplemental security benefits, food stamps, regular contributions for support (e.g., alimony and child support payments), money from care of foster children, cash scholarships, fellowships, stipends not based on working, and meals and rent as pay.\n\nNote: For the Consumer Expenditure survey, income includes all consumer unit members (14 years of age or older) during the 12 months preceding the interview. Income and earnings are two distinct concepts, although there are some similarities between them.\n\nFor more information about income and personal taxes, see the Consumer Expenditure Surveys glossary: Personal income and taxes.\n\nSee also the Comparison matrix of BLS compensation data sources.\n\nSee also earnings.",
    "\"Money income\" is the income received on a regular basis (exclusive of certain money receipts such as capital gains and lump-sum payments) before payments for personal income taxes, social security, union dues, medicare deductions, etc. It includes income received from wages, salary, commissions, bonuses, and tips; self-employment income from own nonfarm or farm businesses, including proprietorships and partnerships; interest, dividends, net rental income, royalty income, or income from estates and trusts; Social Security or Railroad Retirement income; Supplemental Security Income (SSI); any cash public assistance or welfare payments from the state or local welfare office; retirement, survivor, or disability benefits; and any other sources of income received regularly such as Veterans' (VA) payments, unemployment and/or worker's compensation, child support, and alimony.\n\nLink to the Bureau's Income Main: https://www.census.gov/hhes/www/income/index.html\n\nLink to the Bureau's Income- About: https://www.census.gov/hhes/www/income/about/index.html\n\nThe Census Bureau collects income data from several surveys. Depending on your needs, one survey may be more suitable than another. The following is a list of Census Bureau surveys:\n\n• Annual Social and Economic Supplement to the Current Population Survey (CPS ASEC)\n\n• American Community Survey (ACS)\n\n• Survey of Income and Program Participation (SIPP)\n\n• Census 2000 long form\n\n• Small Area Income and Poverty Estimates program (SAIPE)\n\nEach of these surveys differs from the others in some ways, such as the length and detail of its questionnaire, the number of households included (sample size), and the methodology used to collect and process the data. The Small Area Income and Poverty Estimates program uses statistical models to produce income and poverty estimates by combining survey results with administrative records."
  ],
  "see_also": [
    "Earnings"
  ],
  "references": [
    "BLS Glossary",
    "U.S. Census Bureau Glossary"
  ],
  "url": "https://mlchart.com/terminology/economic-statistics/income/"
}