This is the problem which many of the researchers have been experiencing hurdles to calculate or mention the income of particular family or subject?
Add up the wages from all the members of your household.
Calculate all of the income that you and the members of your household receive from other sources besides your salary
Dear Hoogar,
First you identify hourly wage rate, then multiply your hourly rate of pay by the number of hours worked each day to find your daily gross earnings. A full-time workday typically consists of eight hours of work. Using Ksh. 10 as an example of hourly wages, 8x10 will be Ksh. 80 per day.
I hope this gives an idea of hour researchers can calculate family income.
Every individual must follow in calculating his income, 1. Income from Salary or Business or Profession, Rental Income from Property , Income from Shares and investment, or Income from Commission and other sources of income.
From a financial reporting perspective, ‘income’ can be defined with reference to changes in the net assets of the reporting entity (assuming that your ‘subject’ can be defined clearly as a separate reporting entity). The Conceptual Frameworks issues by the IASB and FASB are provide a good basis for defining ‘income’ in these terms. A fairly recent paper, “Hicksian Income in the Conceptual Framework”(Bromwhich et al, 2010), may also be of assistance.
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