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LSDefine
Simple English definitions for legal terms
economic earnings
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A quick definition of economic earnings:
Economic earnings are the money a person or company makes from working or investing. It can also include money earned from assets. Sometimes, a company's board may set aside some earnings for a specific purpose, which means they can't be used for other things like paying dividends. When someone can't work because of an injury or job loss, they may be awarded lost earnings as compensation. Net earnings are what's left after expenses are taken out. Operating earnings are a way some companies calculate their income, but it's not always reliable. Retained earnings are the money a company keeps after paying dividends. Surplus earnings are the extra money a company has after paying its debts.A more thorough explanation:
Economic earnings refer to the revenue gained from labor or services, investment of capital, or assets. It is a measure of a company's profitability and financial performance.
- Gross earnings: This refers to the total income earned by an individual or company before any deductions or taxes are taken out.
- Net earnings: This is the income earned after all deductions and taxes have been taken out.
- Retained earnings: This is the accumulated income of a corporation after dividends have been distributed.
- Lost earnings: This refers to the income that a person could have earned if they had not lost their job, suffered a disabling injury, or died.
These examples illustrate the different types of economic earnings and how they are calculated. Gross earnings are the total income earned, while net earnings are the income earned after deductions and taxes. Retained earnings are the accumulated income of a corporation, while lost earnings refer to the income that could have been earned if certain circumstances had not occurred.