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At first glance the premise of turnover vs revenue seems simple.
Annual income vs annual revenue. For individuals however income generally refers to the total wages salaries tips rents interest or dividend received for a specific time period. In many situations turnover and revenue describe such similar ideas that they can be used interchangeably without problems. Gross annual income refers to all earnings before any deductions are made and net annual income refers to the amount that remains after all deductions are made. Personal annual net income refers to the income you are left with after deductions for work related expenses like taxes health care premiums and pre tax retirement contributions.
The words are commonly used as synonyms to describe the total sales or income of a business over a given period. The company s revenue number represented a 2 year over year decrease. Both income and revenue are financial and business terms. Revenue is the sales amount a company earns from providing services or selling products the top line.
Income can sometimes be used to mean revenue or net income. Their meanings closely resemble each other because they are often used in the same context. The internal revenue service irs determines how much each household owes annually by weighing gross income for the calendar year and adjusting it for certain exceptions credits and deductions. For a business income refers to net profit i e.
Many people mistake income and revenue as the same thing. Most people who receive salaries and wages pre pay their tax liability throughout the year by having a portion of their income withheld from their earnings. Annual income is the total value of income earned during a fiscal year. This guide provides an overview of the main differences between revenue vs income.
Aapl posted a top line revenue number of 260 billion for 2019. The concept applies to both individuals and businesses. What remains after expenses and taxes are subtracted from revenue revenue is the total amount of money the business receives from its customers for its products and services. Net annual income can be calculated for both your personal finances and business operations.
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