Answer #1

Looking at the words, wage and income, many people does not find any difference between the two. For most people, the words are equally the same as they refer to the amount of money being given as compensation for the rendered service or the work performed. However, as further studies have been conducted, researchers have discovered that wage and income are two individual words that bear differences from one another.

One basic distinction between a wage and an income is their meaning. Income can be described as a collective form of a certain monetary unit, in lieu of the services being provided and tasks being successfully carried out. Wage, on the contrary, is considered to be a part and parcel of income since payments are based on the number of hours that an individual has actually worked.

Interestingly, wages are often given depending on the agreed upon conditions of the employer and the employee. Thus, there are instances where wages are handed out per month, per week or per day. whereas income is the money calculated from all the known sources which includes wages, gifts, interest, bonuses and other income generating activities.

Another difference between the two is the general conditions being enforced regarding wages and salaries. Wages are often fixed for each work and are subject to changes. Income, on the contrary is quite unpredictable since it is totality of all acquired money from various sources. In this light, wages are consistent while salaries are known to be inconsistent.

Although there have been ongoing confusions regarding the use of the terms cited, it cannot be debatable that wages are only part of one’s income. Wages are earned in exchange of labor and services being rendered. Income, however, can be gained even without much effort.

Answered By: katrina [385 ]