MANAGEMENT

Detailed explanation-1: -Net salary is the amount of money an individual takes home after all deductions have been made, whereas, the gross salary can be defined as the figure that is obtained by totalling all benefits and allowances without deducting tax.

Detailed explanation-2: -Net income refers to the amount an individual or business makes after deducting costs, allowances and taxes. In commerce, net income is what the business has left over after all expenses, including salary and wages, cost of goods or raw material and taxes.

Detailed explanation-3: -Net income, also known as net profit, is a single number, representing a specific type of profit. Net income is the renowned bottom line on a financial statement.

Detailed explanation-4: -Net Income = Total Revenues – Total Expenses Net Income or Net profit is calculated so that investors can measure the amount by which the total revenue exceeds the company’s total expenses.

Detailed explanation-5: -Gross income is the amount someone is paid before deductions, such as Social Security taxes or contributions to retirement accounts. And net income is what’s left after those deductions. Here’s a quick example calculation to help explain: If Christy earns $60, 000 per year, her gross income is $60, 000.