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household income. Total income from all people living in a particular household. Income refers not only to the salaries and benefits received but also to receipts from any personal business, investments, dividends and other income. Furthermore, household members do not need to be related to be part of a household.
An annual salary is an agreement about the amount of pay for work over a 12 month period. They are often included in employment contracts.An employer and employee can agree that an annual salary covers entitlements like: 1  minimum weekly wages. 2  penalties. 3  overtime. 4  allowances. 5  annual leave loading.n annual salary is an agreement about the amount of pay for work over a 12 month period. They are often included in employment contracts.