![]() ![]() So it is your gross income minus taxes you have withheld from your paycheck, so it will be less than gross income. Net Income is the actual amount of money you receive from your paycheck, AFTER tax deductions. So, for example, if you’re a salaried technician and you receive $40,000 per year in wages, plus an average of $1000 a quarter in bonuses, and a Christmas gift of $200 every year, your gross income for the year would be $44,200 (or $3,683.33 per month). It is the amount before any taxes or deductions are taken out. Gross Income is your entire income, or the amount that your employer pays you. gross income and why it matters may sound like a trivial accounting topic, but the “small” difference between net and gross income plays a big part in family legal matters especially for child support and alimony. ![]()
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