ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What is the amount of money you earn, before taxes are taken out?
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Net Income
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Gross Income
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Property Income
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None of the above
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Explanation:
Detailed explanation-1: -The gross income for an individual is the amount of money earned before any deductions or taxes are taken out. An individual employed on a full-time basis has their annual salary or wages before tax as their gross income.
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: -Step 1: Find out all the sources of income like salary, dividends, rent, etc. Step 2: Aggregate all these sources of income obtained in the first step: Gross Income = Salary + Rent + Dividends + Interest + All Other Sources of Income.
There is 1 question to complete.