You do not need to be the owner of a diploma in economics or law, an accountant of a large holding, to operate and use the generally accepted term "total", or otherwise "total income". The concept unites absolutely everything, without exception, income received over the period under consideration, regardless of how it was received, formed and in what currency it is expressed.
Cumulative income is called income, which includes all funds of a person received over a certain period of time, regardless of the source of income. To calculate the total income, you can take into account the quarter, month, half year, year (for example, when filling out income tax returns, annual calculation is required). As a rule, it is recommended to add up the income received by a person over a period called the tax year.
Total income of a person
It is interesting that the concept includes salary, pension, and profit from any private entrepreneurial work aimed at generating income, and funds arising from inheritance, donations, insurance payments, and the sale of various types of movable and immovable property. Even loans provided by banks and other similar credit institutions are combined under the phrase "total income". When calculating total income, it is customary to sum up income in both monetary and non-material equivalent, which, according to the accepted norms and rules, are measured in official prices of the state, and in the absence of such, in established market prices.
Family gross income
On the scale of a single family, the total income is considered to be the sum of the income of each family member. When calculating it, according to the law, there is no need to mention social assistance and subsidies received from state structures, budgetary funds expressed in the form of material aid, alimony paid to children. Such calculations are often used to classify families as low-income and receive them the right to all kinds of benefits and subsidies associated with numerous social support programs.
The total income of a legal entity
For enterprises, gross income is usually understood to mean the total amount of revenue earned by legal entities over the past period. In the general case, it is equal to the product of the formed price indicators by the volume of already sold goods or services.
The main item of the total income of any state is the profit received from transfers of taxpayers registered on its territory, among other things, it is customary to refer to the country's income all kinds of transfers and transfers made by other states and various international organizations and special funds, income from any internal activity, works and services aimed at obtaining funds from abroad. Under the total income on a national scale is the total amount of funds received by all its citizens, or, as they are also called, residents.
