ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -When a person works for someone else or company. He is then said to hold a job and is called Employee. Money that is paid is called as Salary or Income or Wage.

Detailed explanation-2: -Earnings are the amount of money you make from doing a job.

Detailed explanation-3: -As mentioned, “money earned” refers to the compensation you receive for going to work (or however else you earn it). Your paycheck is earned money, for instance, as is the $20 your neighbor may give you for mowing their lawn once per week. You put in the work, and you earned that money.

Detailed explanation-4: -For the year you are filing, earned income includes all income from employment, but only if it is includable in gross income. Examples of earned income are: wages; salaries; tips; and other taxable employee compensation. Earned income also includes net earnings from self-employment.

Detailed explanation-5: -Active income. If you have a job and receive a paycheck, you make your money through active or earned income . Portfolio income. Portfolio income comes from investments such as dividends, interest, royalties and capital gains. Passive income. 03-Feb-2023