MANAGEMENT

Detailed explanation-1: -Gross salary is the monthly (or annual) salary paid to an employee without any tax deductions. Basic salary is the salary paid to an employee before the addition of any benefits like allowances or perquisites. Gross salary includes bonuses, overtime pay, allowances, and other perks.

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: -For hourly employees, gross wages can be calculated by multiplying the number of hours worked by the employee’s hourly wage. For example, an employee that works part-time at 25 hours per week and receives a wage of $12 per hour would have a gross weekly pay of $300 (25x12=300).

Detailed explanation-4: -You simply add up all of your income sources before any tax deductions or taxes. For example, if last year you earned $100, 000 in salary, $1, 000 in interest income, and $12, 000 in rental income, your gross income for the year would be $100, 000 + $1, 000 + $12, 000 = $113, 000.