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Gross profit takes your total revenue, which is essentially, all the money coming in, and subtracts just the costs of acquiring the goods or services you sold — either the price you pay for them ...
For households and individuals, gross income is the sum of all wages, salaries, profits, interest payments, rents, and other forms of earnings, before any deductions or taxes. It is opposed to net income , defined as the gross income minus taxes and other deductions (e.g., mandatory pension contributions).
Gross pay refers to what you earn before taxes, benefits and other payroll deductions are withheld from your salary or wages. The amount remaining after all withholdings are accounted for is net pay.
Both gross income and net income can refer to an individual and a business. For individuals or employees, gross income is the total pay you earn from employers or clients before taxes or other ...
A net (sometimes written nett) value is the resultant amount after accounting for the sum or difference of two or more variables. In economics, it is frequently used to imply the remaining value after accounting for a specific, commonly understood deduction. In these cases it is contrasted with the term gross, which refers to the pre-deduction ...
A wage is payment made by an employer to an employee for work done in a specific period of time. Some examples of wage payments include compensatory payments such as minimum wage, prevailing wage, and yearly bonuses, and remunerative payments such as prizes and tip payouts. Wages are part of the expenses that are involved in running a business.
An extremely important definition of income is Haig–Simons income, which defines income as Consumption + Change in net worth and is widely used in economics. [ 2 ] For households and individuals in the United States , income is defined by tax law as a sum that includes any wage , salary , profit , interest payment, rent , or other form of ...
A variety of measures of national income and output are used in economics to estimate total economic activity in a country or region, including gross domestic product (GDP), Gross national income (GNI), net national income (NNI), and adjusted national income (NNI adjusted for natural resource depletion – also called as NNI at factor cost).