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Simple English definitions for legal terms
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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:
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.