Total personal income
Encyclopedia
Total personal income is defined by the United States
' Bureau of Economic Analysis
as
Total personal income is a key value in calculating per capita income
.. It differs from private income in a number of ways.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
' Bureau of Economic Analysis
Bureau of Economic Analysis
The Bureau of Economic Analysis is an agency in the United States Department of Commerce that provides important economic statistics including the gross domestic product of the United States. Its stated mission is to "promote a better understanding of the U.S...
as
income received by persons from all sources. It includes income received from participation in production as well as from government and business transfer payments. It is the sum of compensation of employeesCompensation of employeesCompensation of employees is a statistical term used in national accounts, balance of payments statistics and sometimes in corporate accounts as well...
(received), supplements to wages and salaries, proprietors' income with inventory valuation adjustment (IVA) and capital consumption adjustment (CCAdj), rental income of persons with CCAdj, personal income receipts on assets, and personal current transfer receipts, less contributions for government social insurance.
Total personal income is a key value in calculating per capita income
Per capita income
Per capita income or income per person is a measure of mean income within an economic aggregate, such as a country or city. It is calculated by taking a measure of all sources of income in the aggregate and dividing it by the total population...
.. It differs from private income in a number of ways.