Individual income refers to the earnings that a person receives from various sources, such as wages, salaries, bonuses, and investments. This income is typically subject to taxation and can vary significantly based on factors like occupation, education, and experience. In many countries, individual income is a key component of the economy, influencing consumer spending and overall financial health. It can also impact eligibility for government programs and benefits, as well as contribute to an individual's creditworthiness when applying for loans or mortgages.