LSDefine
Simple English definitions for legal terms
A quick definition of current income:
Current income is the money you get from working, owning a business, investing, or receiving gifts. It's the money you expect to receive during a certain period of time. It's different from money you've earned but haven't received yet, which is called accrued income. Current income is important for calculating taxes and budgeting your expenses.
A more thorough explanation:
Current income refers to the money or payment that a person receives periodically from their employment, business, investments, royalties, gifts, and other sources. It is the income that is due within the present accounting period.
Examples of current income include:
- Wages or salary earned from a job
- Income earned from a business
- Interest earned from savings accounts or investments
- Rental income from a property
- Dividends received from stocks
These examples illustrate how current income is the money that a person is currently earning or receiving from various sources. It is important to keep track of current income for budgeting and tax purposes.
current funds |
current market value