american income

     

Househol income is a measure of current private income commonly used by the United States government and private institutions. To measure the income of a household, the pre-tax money receipts of all residents over the age of 15 are combined. Most of these receipts are in the form of wages and salaries (before withholding and other taxes), but many other forms of income, such as unemployment insurance, disability, child support, etc., are included as well. The residents of the household do not have to be related to the householder for their earnings to be considered part of the household's income. As households tend to share a common economic fate, the use of household income remains among the most widely accepted measures of income. However, the size of a household, which is commonly not considered, may offset gains or decreases in household income.