Types Of Income

By; Caitlyn Halbrook

Wage Income

Define: Fixed regular payment earned for work or services, usually paid on a daily or weekly basis.

Benefits: If your work-related injury or illness causes you to lose all or some of you wages you will receive income.

Problems: Cutting peoples hours because the company can not pay for your wages income can cause you to not be able to support your family and result in getting laid off.

Example: I work at Country Mart. I work up to 30 hours a week and get paid once a week.

Profit Income

Define: In a business a profit income is how much money they are making off of a product.

Benefits: Investing into a company and they pull through, you are gaining interest and profit/money.

Problems: If a company profit is low, they are not making or gaining the money back that they put in.

Example:

Rent Income

Define: Money collected by the landlord or business owner. When you rent out a place for living, business, etc.

Benefits: Constant income from the renters.

Problems: Damage problems and having to deal with people.

Example:

Interest Income

Define:

Benefits:

Problems:

Example: