13:34
as far as i know, that information is simply for data collection purposes
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Simple English definitions for legal terms
regular income
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A quick definition of regular income:
Regular income is the money you get on a regular basis from working, owning a business, investing, or receiving gifts. It can be paid weekly, monthly, or yearly. It's different from other types of income, like money you get from selling something or winning a prize. Regular income is important because it helps you pay for things you need, like food, housing, and clothes.A more thorough explanation:
Regular income refers to the money or payment that a person receives on a fixed or specified schedule from sources such as employment, business, investments, royalties, and gifts. It is the opposite of irregular income, which is received sporadically or unpredictably.
Examples of regular income include:
- Salary or wages received by an employee on a monthly or bi-weekly basis
- Dividends received by a shareholder from a company on a quarterly basis
- Rental income received by a landlord on a monthly basis
- Interest earned on a savings account on a monthly or annual basis
These examples illustrate how regular income is received at fixed intervals, providing a predictable and stable source of income for the recipient. Regular income is important for budgeting and financial planning, as it allows individuals to anticipate and manage their expenses and savings.