MANAGEMENT

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: -Calculate gross pay using the hourly rate multiplied by the total hours worked or the salary divided by the number of pay periods. Deduct health insurance premiums, 401(k) and other pre-tax contributions. Withhold all taxes, including federal income tax, FICA taxes and state and local taxes.

Detailed explanation-3: -By subtracting all the eligible deductions from the gross taxable income, you will arrive at your total income on which you need to pay tax basis your tax slab. This slab rate is different for senior citizens. For those who are over 60 years old with up to Rs 3 lakh net income, the tax rate is nil.

Detailed explanation-4: -Your tax liability will be estimated on the Total Income. In simple terms, you pay tax on your Total Income. Exempt up to 50, 000 in a financial year! Disclaimer: Table only provides an example of Gross Total Income and Total Income computation.

Detailed explanation-5: -The gross earnings for a person or household are any income without any deductions. For a business, gross earnings are the total revenue less the cost of goods sold. Gross earnings are also referred to as gross income or gross profit.