FORMAL SECTOR
\fˈɔːmə͡l sˈɛktə], \fˈɔːməl sˈɛktə], \f_ˈɔː_m_əl s_ˈɛ_k_t_ə]\
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A group of people, usually employees, that includes recognized income sources for paying income taxes based on all 40-hour, regular wage jobs. Contrast to informal sector.TLDÂ Example: His primary source of income was in the formal sector as a mechanic at a car dealership, but his friends knew also fixed cars after his normal working hours and did not declare it as income on his taxes.
By Henry Campbell Black
Word of the day
Dopamine Acetyltransferase
- An enzyme that catalyzes the of groups from acetyl-CoA to arylamines. They have wide specificity for aromatic amines, particularly serotonin, and can also catalyze acetyl transfer between arylamines without CoA. EC 2.3.1.5.