Difference Between Wage and Income
Though both of the words- wage and income look similar in meaning and context yet are different. For instance, income is a collective noun and unlike the plural form of wage –‘wages’ you seldom have listened to its plural –‘incomes’. It is an uncountable noun as well.
Wage is the payment made on an hourly basis. It can be paid you on weekly basis but depending on the hours you worked for. Some countries also pay wages on monthly basis too. In America, wages are paid on fortnightly basis. It should be important to know that in wages scheme, you should be paid on an hourly basis and not according to the number of days.
Income, on the other hand, it is your salary. It is referred to the money you receive or earn. It can come from part time work, extra jobs or investments you made in past. It is month-wise and can be calculated in the year end for auditing purposes.
To be simply put, income is the money that arrives or come to you in the guise of wages, salary, profit, part time payments, investments, rent or shares. It is more apt for working class or salaried people. For them it refers to total earnings whereas for companies, income means net profit.