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Income In Kind
Income in kind, or in-kind income, is income other than money income. It includes many employee benefits and government-provided goods and services, such as toll-free roads, food stamps, public schooling, or socialized medicine. Types of Income in Kind # Free rent in exchange for caretaking duties. ## Note: If the caretaker receives a paycheck with an amount for rent deducted, the gross earnings are earned income, not in-kind income. # Free room and board provided by a friend or relative. # Free clothing or household goods provided by a community organization. # Exchange of services, such as babysitting. See also * Barter In trade, barter (derived from ''baretor'') is a system of exchange in which participants in a transaction directly exchange goods or services for other goods or services without using a medium of exchange, such as money. Economists disti ... * Local exchange trading system * Truck system References Employee benefits Public services ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income
Income is the consumption and saving opportunity gained by an entity within a specified timeframe, which is generally expressed in monetary terms. Income is difficult to define conceptually and the definition may be different across fields. For example, a person's income in an economic sense may be different from their income as defined by law. An extremely important definition of income is Haig–Simons income, which defines income as ''Consumption + Change in net worth'' and is widely used in economics. For households and individuals in the United States, income is defined by tax law as a sum that includes any wage, salary, profit, interest payment, rent, or other form of earnings received in a calendar year.Case, K. & Fair, R. (2007). ''Principles of Economics''. Upper Saddle River, NJ: Pearson Education. p. 54. Discretionary income is often defined as gross income minus taxes and other deductions (e.g., mandatory pension contributions), and is widely used as a basis to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Money
Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context. The primary functions which distinguish money are as a medium of exchange, a unit of account, a store of value and sometimes, a standard of deferred payment. Money was historically an Emergence#Economics, emergent market phenomenon that possess intrinsic value as a Commodity money, commodity; nearly all contemporary money systems are based on unbacked fiat money without use value. Its value is consequently derived by social convention, having been declared by a government or regulatory entity to be legal tender; that is, it must be accepted as a form of payment within the boundaries of the country, for "all debts, public and private", in the case of the United States dollar. Contexts which erode public confidence, such as the circulation of counterfeit money or domestic hyperinflation, can ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Employee Benefit
Employment is a relationship between two parties regulating the provision of paid labour services. Usually based on a contract, one party, the employer, which might be a corporation, a not-for-profit organization, a co-operative, or any other entity, pays the other, the employee, in return for carrying out assigned work. Employees work in return for wages, which can be paid on the basis of an hourly rate, by piecework or an annual salary, depending on the type of work an employee does, the prevailing conditions of the sector and the bargaining power between the parties. Employees in some sectors may receive gratuities, bonus payments or stock options. In some types of employment, employees may receive benefits in addition to payment. Benefits may include health insurance, housing, disability insurance. Employment is typically governed by employment laws, organisation or legal contracts. Employees and employers An employee contributes labour and expertise to an end ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Service
A public service is any service intended to address specific needs pertaining to the aggregate members of a community. Public services are available to people within a government jurisdiction as provided directly through public sector agencies or via public financing to private businesses or voluntary organizations (or even as provided by family households, though terminology may differ depending on context). Other public services are undertaken on behalf of a government's residents or in the interest of its citizens. The term is associated with a social consensus (usually expressed through democratic elections) that certain services should be available to all, regardless of income, physical ability or mental acuity. Examples of such services include the fire brigade, police, air force, and paramedics (see also public service broadcasting). Even where public services are neither publicly provided nor publicly financed, they are usually subject to regulation going beyond t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Supplemental Nutrition Assistance Program
In the United States, the Supplemental Nutrition Assistance Program (SNAP), formerly known as the Food Stamp Program, is a federal program that provides food-purchasing assistance for low- and no-income people. It is a federal aid program, administered by the United States Department of Agriculture under the Food and Nutrition Service (FNS), though benefits are distributed by specific departments of U.S. states (e.g. Division of Social Services, Department of Health and Human Services, etc.). SNAP benefits supplied roughly 40 million Americans in 2018, at an expenditure of $57.1 billion. Approximately 9.2% of American households obtained SNAP benefits at some point during 2017, with approximately 16.7% of all children living in households with SNAP benefits. Beneficiaries and costs increased sharply with the Great Recession, peaked in 2013 and have declined through 2017 as the economy recovered. It is the largest nutrition program of the 15 administered by FNS and is a key ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
State School
State schools (in England, Wales, Australia and New Zealand) or public schools ( Scottish English and North American English) are generally primary or secondary schools that educate all students without charge. They are funded in whole or in part by taxation. State funded schools exist in virtually every country of the world, though there are significant variations in their structure and educational programmes. State education generally encompasses primary and secondary education (4 years old to 18 years old). By country Africa South Africa In South Africa, a state school or government school refers to a school that is state-controlled. These are officially called public schools according to the South African Schools Act of 1996, but it is a term that is not used colloquially. The Act recognised two categories of schools: public and independent. Independent schools include all private schools and schools that are privately governed. Independent schools with l ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Socialized Medicine
Socialized medicine is a term used in the United States to describe and discuss systems of universal health care—medical and hospital care for all by means of government regulation of health care and subsidies derived from taxation. Because of historically negative associations with socialism in American culture, the term is usually used pejoratively in American political discourse.Paul Burleigh Horton, Gerald R. Leslie''The Sociology of Social Problems'' 1965, p.59 (cited as an example of a standard propaganda device).Dorothy PorterHealth, Civilization, and the State Routledge, p. 252: "...what the Americans liked to call "socialized medicine"..."Paul Wasserman, Don HausrathWeasel Words: The Dictionary of American Doublespeak p. 60: "One of the terms to denigrate and attack any system under which complete medical aid would be provided to every citizen through public funding."Edward Conrad Smith, New Dictionary of American Politics, p. 350: "A somewhat loose term applied to..." ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Barter
In trade, barter (derived from ''baretor'') is a system of exchange in which participants in a transaction directly exchange goods or services for other goods or services without using a medium of exchange, such as money. Economists distinguish barter from gift economies in many ways; barter, for example, features immediate reciprocal exchange, not one delayed in time. Barter usually takes place on a bilateral basis, but may be multilateral (if it is mediated through a trade exchange). In most developed countries, barter usually exists parallel to monetary systems only to a very limited extent. Market actors use barter as a replacement for money as the method of exchange in times of monetary crisis, such as when currency becomes unstable (such as hyperinflation or a deflationary spiral) or simply unavailable for conducting commerce. No ethnographic studies have shown that any present or past society has used barter without any other medium of exchange or measurement, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Local Exchange Trading System
A local exchange trading system (also local employment and trading system or local energy transfer system; abbreviated LETS) is a locally initiated, democratically organised, not-for-profit community enterprise that provides a community information service and records transactions of members exchanging goods and services by using locally created currency."LETSystems Training Pack", (1990) W.A. Government. LETS allow people to negotiate the value of their own hours or services, and to keep wealth in the locality where it is created. Similar trading systems around the world are also known as Community Exchange Systems, Mutual Credit trading systems, Clearing Circles, Trade Exchanges or Time Banks. These all use 'metric currencies' – currencies that ''measure'', as opposed to the fiat currencies used in conventional value exchange. These are all a type of alternative or complementary currency. In the 21st century, the internet-based networks haves been used to link individual ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Truck System
Truck wages are wages paid not in conventional money but instead in the form of payment in kind (i.e. commodities, including goods and/or services); credit with retailers; or a money substitute, such as scrip, chits, vouchers or tokens. Truck wages are a characteristic of a truck system. "Truck", in this context, is a relatively archaic English word meaning "exchange" or "barter". Truck system A truck system includes one or both of the following practices under which truck wages are used to defraud and/or exploit workers. * Firstly, the truck wages are demonstrably of a lesser market value than the amount of money that would normally be paid for the same work. * Secondly, truck systems limit employees' ability to choose how to spend their earnings. For example, credit or company scrip might be usable only for the purchase of goods at a monopolistic company-owned store, at which prices are set artificially high. As long as the company store is the only party able and wil ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Employee Benefits
Employee benefits and (especially in British English) benefits in kind (also called fringe benefits, perquisites, or perks) include various types of non-wage compensation provided to employees in addition to their normal wages or salaries. Instances where an employee exchanges (cash) wages for some other form of benefit is generally referred to as a "salary packaging" or "salary exchange" arrangement. In most countries, most kinds of employee benefits are taxable to at least some degree. Examples of these benefits include: housing (employer-provided or employer-paid) furnished or not, with or without free utilities; group insurance (health, dental, life etc.); disability income protection; retirement benefits; daycare; tuition reimbursement; sick leave; vacation (paid and unpaid); social security; profit sharing; employer student loan contributions; conveyancing; long service leave; domestic help (servants); and other specialized benefits. The purpose of employee benefit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
