ECONOMICS
FISCAL POLICY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Not usually disclosed to you.
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The same as take-home pay.
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The total amount earned.
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The amount taken out of your paycheck for taxes.
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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: -A pay stub is a document issued by an employer that shows an employee’s gross earnings, deductions from those earnings, and net pay. Pay stubs are created in conjunction with paychecks, so each employee gets a new pay stub for each pay period.
Detailed explanation-3: -Earned income includes only wages, commissions, bonuses, and business income, minus expenses, if the person is self-employed.
Detailed explanation-4: -In short, gross income is a person’s total earnings prior to taxes or other deductions. It includes all income received from all sources: including money, property, and the value of services received. Gross income is reduced by adjustments and deductions before taxes are calculated.
Detailed explanation-5: -Your total income is your gross income from all sources less certain deductions, such as expenses, allowances and reliefs. If you are married or in a civil partnership and jointly assessed, your spouse’s or civil partner’s income is included in total income.