Wage is part of income, and a wage is the payment one receives for his work. Income is the overall money one obtains. Wage is money, which is paid either monthly, weekly, tri-weekly, daily, or as per the hour. Income is the money considered from all known sources which could include wages, gifts, interest, bonuses, and dividends. The wage is fixed for each worker, and it may grow over time.
Income cannot be fixed, as it depends upon the varied sources; income someone receives from a specific year may be different from another year. Wage is earned only if a person works. However, a person may have income even if he or she works or not. In wages, there is no gain but an exchange of labor.
Wage and income are not totally referring to the same thing, but they are interrelated. Wage simply means the amount of money paid to someone for a specified quantity of work. Wages can come in different ways. There are some you get on a monthly basis; there are some you get on a weekly basis, you get some on a daily basis, at times you can have your wage on an hourly basis.
How you want to be paid depends on the nature of work and the agreement reached between you and your employer. Income, on the other hand, means the amount of money you get by working or by capitalizing on the work of others. You get income on any business you enter into and not a wage. Income is the totality of all the money you have from all other sources. Wages are also part of your income. Another difference is that you can get income without necessarily working for it, while you will need to work before you can get your wage
Wage and income are closely related terms. Wage is a part of an income. Wage is what one gets paid for its work, while an income is the overall of what one gets paid. Wages are paid either monthly, weekly, or daily. Income is money calculated from all sources including gifts and bonuses.
One only recieves a wage if they work for it, while an income can be recieved without working such as birthday or wedding gifts. Wages are fixed and an exchange with labor, while income isn't fixed and has no exchange. With income, it is only a gain.