Disposable income is total personal income minus current taxes on income. In national accounts definitions, personal income minus personal current taxes equals disposable personal income. Subtracting personal outlays yields personal savings, hence the income left after paying away all the taxes is referred to as disposable income.
National Insurance (NI) is a fundamental component of the welfare state in the United Kingdom. It acts as a form of social security, since payment of NI contributions establishes entitlement to certain state benefits for workers and their families.
The cost of living is the cost of maintaining a certain standard of living for an individual or a household. Changes in the cost of living over time can be measured in a cost-of-living index. Cost of living calculations are also used to compare the cost of maintaining a certain standard of living in different geographic areas. Differences in the cost of living between locations can be measured in terms of purchasing power parity rates. A sharp rise in the cost of living can trigger a cost of living crisis, where purchasing power is lost and, for some people, their previous lifestyle is no longer affordable.
In the United Kingdom, taxation may involve payments to at least three different levels of government: central government, devolved governments and local government. Central government revenues come primarily from income tax, National Insurance contributions, value added tax, corporation tax and fuel duty. Local government revenues come primarily from grants from central government funds, business rates in England, Council Tax and increasingly from fees and charges such as those for on-street parking. In the fiscal year 2014–15, total government revenue was forecast to be £648 billion, or 37.7 per cent of GDP, with net taxes and National Insurance contributions standing at £606 billion.
A wealth tax is a tax on an entity's holdings of assets or an entity's net worth. This includes the total value of personal assets, including cash, bank deposits, real estate, assets in insurance and pension plans, ownership of unincorporated businesses, financial securities, and personal trusts. Typically, wealth taxation often involves the exclusion of an individual's liabilities, such as mortgages and other debts, from their total assets. Accordingly, this type of taxation is frequently denoted as a netwealth tax.
The median income is the income amount that divides a population into two groups, half having an income above that amount, and half having an income below that amount. It may differ from the mean income. Both of these are ways of understanding income distribution.
Poverty in Australia refers to the incidence of relative poverty in Australia and its measurement. Relative income poverty is measured as the percentage of the population that earns less than the median wage of the working population.
The Family Resources Survey (FRS) is one of the United Kingdom's largest household surveys. It collects information on the incomes and characteristics of private households in the United Kingdom.
Household income is an economic standard that can be applied to one household, or aggregated across a large group such as a county, city, or the whole country. It is commonly used by the United States government and private institutions to describe a household's economic status or to track economic trends in the US.
Household income is a measure of income received by the household sector. It includes every form of cash income, e.g., salaries and wages, retirement income, investment income and cash transfers from government. It may include near-cash government transfers like food stamps, and it may be adjusted to include social transfers in-kind, such as the value of publicly provided health care and education.
Personal income is an individual's total earnings from wages, investment interest, and other sources. The Bureau of Labor Statistics reported a median weekly personal income of $1,139 for full-time workers in the United States in Q1 2024. For the year 2022, the U.S. Census Bureau estimates that the median annual earnings for all workers was $47,960; and more specifically estimates that median annual earnings for those who worked full-time, year round, was $60,070.
In economics, personal income refers to the total earnings of an individual from various sources such as wages, investment ventures, and other sources of income. It encompasses all the products and money received by an individual.
Affluence refers to an individual's or household's economical and financial advantage in comparison to others. It may be assessed through either income or wealth.
The inequality of wealth has substantially increased in the United States in recent decades. Wealth commonly includes the values of any homes, automobiles, personal valuables, businesses, savings, and investments, as well as any associated debts.
Poverty in Canada refers to the state or condition in which a person or household lacks essential resources—financial or otherwise—to maintain a modest standard of living in their community.
This article includes several ranked indicators for Chile's regions.
In Japan, relative poverty is defined as a state at which the income of a household is at or below half of the median household income. According to OECD figures, the mean household net-adjusted disposable income for Japan is US$23,458, higher than the OECD member state average of US$22,387. Unlike several other modern countries, Japan has no official poverty line, making it difficult to get accurate figures on those suffering impoverished conditions. It was estimated in 2006, using the Employment Status Survey, that 8.2% of regular employees made little enough to be considered working poor. In October 2009, Japan's Labor Ministry released a report which stated that almost one in six Japanese, which would be 22 million people, lived in poverty.
