BUISENESS MANAGEMENT
TAXES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The money I make before taxes
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The money I make after taxes
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All the money I’ve made for the year, before taxes
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None of the above
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Detailed explanation-1: -Net salary is the total salary one gets after all the mandatory deductions such as taxes that are made from the total gross salary. This is the total amount that gets credited to the bank account of the employee after all the deductions are done.
Detailed explanation-2: -What is the meaning of net pay? Net pay means take-home pay or the amount employees earn after all payroll deductions are subtracted from their gross pay.
Detailed explanation-3: -Net or in-hand salary refers to the amount that salaried individuals receive after TDS deductions. Also known as take-home salary, this income is the ultimate amount an individual takes home after tax deductions, provident funds, and other deductions.
Detailed explanation-4: -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.