BUISENESS MANAGEMENT
TAXES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Theamount of money subtracted from the gross income for taxes. Typically about 30%of your paycheck
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social security
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medicare
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payroll withholdings
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income tax withholdings
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Explanation:
Detailed explanation-1: -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-2: -What are the steps to determine slab of your taxable income in India? Calculate your gross salary by adding Dearness Allowance, House Rent Allowance, Transport Allowance, Special Allowance to your basic pay. Then deduct the exemptions of HRA, professional tax and standard deduction from the gross salary.
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