West Union - Gross vs net income

Front

What is the amount remaining after deductions?

Back

Net

Front

If Jackson has a GROSS Income of $1245 per week and his deductions total $135 per week, what is his NET income per week?

Back

$1110

Front

What is calculated by subtracting taxes and deductions from the total amount worked?

Back

Net

Front

What is sometimes called 'take-home' pay?

Back

Net

Front

What is the amount used for budgeting purposes?

Back

Net

Front

What is GROSS income?

Back

The total income earned before any deductions.

Front

What are deductions?

Back

Amounts subtracted from gross income, such as taxes and other withholdings.

Front

Why is NET income important?

Back

It represents the actual amount of money a person takes home after deductions.

Front

How do you calculate NET income?

Back

Subtract total deductions from gross income.

Front

What does it mean if someone has a higher GROSS income?

Back

They earn more money before any deductions are taken out.