Net income is the amount that remains in your account after taxes and other withholdings have been deducted from your paycheck. Net income is the money that remains for a business after paying operating expenses.
Gross income, which appears on your pay stub, is your entire income before taxes and other deductions. Your take-home pay, or the amount of money that is left over after deductions and taxes are withheld, is referred to as net income. Taxes, employee benefit premiums, and wage garnishments are some examples of net income deductions.
In order to compute net income, total revenue or sales must be subtracted from all costs: Complete revenue minus total expenses equals net income.
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