What is the Difference Between Salary and Income?

The difference between salary and income lies in their definitions and the sources from which they are derived.

• Salary: A salary is a fixed income provided by an employer, typically paid on a regular basis (such as monthly or biweekly) over a set period of time, regardless of the number of hours worked. It is the money an employee receives from their employer in return for their work.
• Income: Income refers to the total amount of money a person earns from any source over the course of a year. It includes salary, but also other sources of income, such as interest from savings, commissions, bonuses, social security costs, retirement funds or pensions, and any income from a second job or extra work. Income is money from any and all sources, not just from an employer.

In summary:

• Salary is a fixed income from an employer, regardless of the number of hours worked.
• Income is the total amount of money earned from various sources over a year.

Comparative Table: Salary vs Income

Here is a table summarizing the difference between salary and income:

Income and salary are related to money but are not identical and cannot be used synonymously. Income can come from various sources, while salary is the specific amount an employee receives from their employer in exchange for their work.