ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Net salary is the total salary one gets after all the mandatory deductions such as taxes that are made from the total gross salary. This is the total amount that gets credited to the bank account of the employee after all the deductions are done.

Detailed explanation-2: -To calculate net income, take the gross income-the total amount of money earned-then subtract expenses, such as taxes and interest payments. For the individual, net income is the money you actually get from your paycheck each month rather than the gross amount you get paid before payroll deductions.

Detailed explanation-3: -For individuals, gross monthly income is the total amount of money received in a given month before any deductions, including taxes.

Detailed explanation-4: -Net earnings, also called net income, is the gross earnings minus mandatory withholdings and deductions, such as state and federal income tax and social security contributions.

Detailed explanation-5: -Net income is your take-home pay from your job. This is the amount of money that goes into your pocket after everything is deducted from your gross pay. Your gross pay is the amount of money you receive per pay cycle before any deductions.