BUSINESS ADMINISTRATION
BUSINESS MATHEMATICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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gross pay
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average pay
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commission
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salary
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Detailed explanation-1: -Gross income refers to the total income earned by an individual on a paycheck before taxes and other deductions.
Detailed explanation-2: -Gross pay is what employees earn before taxes, benefits and other payroll deductions are withheld from their wages. The amount remaining after all withholdings are accounted for is net pay or take-home pay.
Detailed explanation-3: -Gross salary is the amount of salary after totalling all the benefits and allowances but before deducting any tax, while net salary is the amount that an employee takes home. An individual’s gross salary is inclusive of benefits such as HRA, conveyance allowance, medical allowance, etc.
Detailed explanation-4: -The gross earnings for a person or household are any income without any deductions. For a business, gross earnings are the total revenue less the cost of goods sold. Gross earnings are also referred to as gross income or gross profit.