Income

Hi there! So, income is basically the money that someone earns or receives for doing a job or other work.

Let's start with an example. You know how sometimes you might do chores around the house, like cleaning your room or helping with the dishes? And then your parents might give you some pocket money as a reward for your hard work? That pocket money is a bit like income - it's money that you earned by doing something.

But for adults, income tends to be a bit more complicated. Most adults have a job, where they go to work for a certain number of hours each day or week. They might work at a store, an office, a hospital, or any number of other places. And when they work, their employer pays them a certain amount of money for each hour they work - this is their income.

Sometimes, adults might also make money from other sources. For example, someone might own a rental property and collect rent from tenants, or they might sell things they make online and earn money that way. All of these different sources of money can be considered income.

Now, just because someone earns a certain amount of money doesn't mean they get to keep all of it. They might have to pay taxes on their income, which means a certain percentage of their salary or earnings goes to the government to help pay for things like schools, roads, and hospitals. So even though taxes might seem annoying, they're an important part of making sure everyone in the community can benefit from the things that taxes pay for.

So that's income - it's the money that adults earn from working, selling things, renting out property, or other sources. It's an important part of people's lives, because it's how they pay for things like food, housing, and clothes.