Annual income is the total amount of money an individual earns within a certain fiscal year. It covers expected salary, commissions, bonuses, overtime, and tips.
Thus, your annual income is the entire amount of money you earn throughout a given year. It also includes the annual gross income of an individual before any deductions. It is also referred to as yearly income or total annual income occasionally.

An appointment letter is an official communication between an employer and a candidate who is selected for a job position. It is a legal document that confirms the appointment of the candidate for a particular job opportunity. The appointment letter is generally sent after the acceptance of the offer letter by the candidate.
The letter has various details about the KRA (Key Responsibility Areas) of the new candidate, remuneration, incentive structure, bonus, joining date, etc. It legally binds the final communication between the organization and employee and confirms the offer made by the employer is accepted by the candidate.

An appraisal is a regular process in an organization that means systematically evaluating employees’ performance and justifying their achievements by raising their compensation or paying them bonuses. Mostly it is an annual practice that involves assessing employees’ skills, achievements and discussing their future growth plans. Various organizations have appraisals more than once depending upon the policies.
The process helps employees to understand their value in the company and their contribution to their roles. The process plays a vital role in employee development. The entire performance appraisal process can be formal or informal depending on the call that the HR department takes. Decisions regarding the format of performance appraisals entirely vary from company to company.