ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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-2: -Gross amounts refer to the total amount of something, generally business or individual income, before any taxes, deductions, or costs, in the case of a business.

Detailed explanation-3: -For companies, gross income is interchangeable with gross margin or gross profit.

Detailed explanation-4: -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-5: -The gross income for an individual is the amount of money earned before any deductions or taxes are taken out.