ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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surplus
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deficit
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gross pay
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opportunity cost
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Detailed explanation-1: -Gross pay is the total amount of money an employee earns for time worked. It includes the full amount of pay before any taxes or deductions. Gross pay also includes any overtime, bonuses or reimbursements from an employer on top of regular hourly or salary pay.
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: -On your pay stub, gross income is your total income before taxes and deductions are subtracted. Net income is your take-home pay-or the amount of money left over after deductions and taxes are withheld. Net income deductions can include taxes, employee benefit premiums and wage garnishments.
Detailed explanation-4: -Gross salary is the amount received by an employee without any tax deductions. Net salary is the amount that an individual receives after all deductions have been taken out. Gross salary = Basic salary + HRA + Other allowances. Net salary = Gross salary – Income tax – Provident Fund – Professional tax.
Detailed explanation-5: -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.