ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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the total amount of money you earn
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the amount of money you receive after decuctions are subtracted
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the total amount of money you spend
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sales taxes on items you buy
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Detailed explanation-1: -Gross income is calculated as the total amount of revenue earned before subtracting expenses like costs, interest, and taxes.
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 income is the amount someone is paid before deductions, such as Social Security taxes or contributions to retirement accounts. And net income is what’s left after those deductions. Here’s a quick example calculation to help explain: If Christy earns $60, 000 per year, her gross income is $60, 000.
Detailed explanation-4: -For example, the gross total income (or gross income) and total income, which literally means the same thing. However, legal meanings may differ. Note: Investments and expenses under section 80C to 80U are deducted from this amount.
Detailed explanation-5: -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.