difference between income and salary
Salary vs Income. Any individual requires some form of inflow of funds in order to purchase the goods and services that can satisfy their needs. Salary and income share common properties in that they are both forms of monetary inflows of funds that are received by an individual.The two are different from each other because of the source from which these funds are received, even though the use of the funds may be for common purposes. Salary is an inflow received in exchange for a service provided to a firm, whereas an individual does not necessarily have to provide services to receive an income. â¢ Salary is also a form of income, and both salaries and incomes are taxable depending on the tax bracket the individual belongs.