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August 17, 2018 

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EURO: The denomination of the so-called single currency that is designed to integrate economic and monetary policies for the European Union. The euro will contain paper currency (banknotes) and metal coins and will replace the European Currency Unit that is presently used for commercial and financial transactions. While that plans are to introduce this single currency with paper and coins in 2002, no one knows for sure if the euro will completely replace national currencies (British pound, French franc, etc.) for transactions within each nation. The paper currency will come in denominations of 5, 10, 20, 50, 100, 200, and 500 euros and the metal coins will come in denominations of 1, 2, 5, 10, 20, and 50 cents, as well as 1 euro and 2 euros.

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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.

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INCOME EARNED BUT NOT RECEIVED, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: August 17, 2018].


Check Out These Related Terms...

     | personal income and national income | income received but not earned | transfer payments | corporate profits distribution | factor payments | net domestic product | national income | disposable income | gross domestic income | personal taxes and nontax payments |


Or For A Little Background...

     | personal income | gross domestic product, income | circular flow | gross domestic product | National Income and Product Accounts | Bureau of Economic Analysis | National Bureau of Economic Research |


And For Further Study...

     | disposable income and personal income | gross domestic product, expenditures | gross domestic product, ins and outs | gross domestic product, welfare | business cycles | gross national product | real gross domestic product | national income and gross domestic product | national income and net domestic product |


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     | Bureau of Economic Analysis |


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