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COMMODITY MONEY: A medium of exchange (money) with both value in use and value in exchange. Commodity money is first and foremost a commodity that provides users with satisfaction of their wants and needs. However, it also has the secondary function of a medium of exchange.
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                           INCOME EARNED BUT NOT RECEIVED: The three types of income earned but not received (IEBNR) by the factors of production are Social Security taxes, corporate profits taxes, and undistributed corporate profits. IEBNR is subtracted from national income to calculate personal income. Income earned but not received (IEBNR) is income that factors of production have rightfully "earned" by contributing to the production of gross domestic product. However, because this income is not paid to the factors, it is not income received by the household sector.- Social Security Taxes: Social Security taxes are "contributions" to the Social Security system made by labor. The Social Security system is set up to transfer income earned by labor to the elderly and disabled. In principle, employees "contribute" about 7 percent on the first $60,000 (or so) of their wages (the F.I.C.A. deduction). Employers then match this contribution. In reality, the entire 14 percent is income earned by the employee. Social Security taxes are wages earned, but not received.
- Corporate Profits Taxes: Corporate profits are earned by corporate shareholders through their ownerships of capital, land, and entrepreneurship. Corporate profits taxes are taxes on these corporate profits that are independent of any income taxes paid by individual shareholders. Corporate profits taxes are thus a portion of corporate profits that are not available for dividend payments to the household sector. Corporate profits taxes are profits earned, but not received.
- Undistributed Corporate Profits: Undistributed corporate profits are another portion of the corporate profits that are not paid to the household sector. Commonly termed retained earnings, these are profits that could be paid out as dividends, but are usually retained to finance capital investment projects. Undistributed corporate profits are also profits earned, but not received.
Recommended Citation:INCOME EARNED BUT NOT RECEIVED, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: May 23, 2025].
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It's estimated that the U.S. economy has about $20 million of counterfeit currency in circulation, less than 0.001 perecent of the total legal currency.
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"There is no passion to be found playing small ‚ in settling for a life that idles than the one you are capable of living." -- Nelson Mandela
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L/O
Letter of Offer
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