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Gross Income vs. Net Income While the term “net income” is often used to describe a business’ profit, you can also use net income to describe your personal income.
President Trump signs the Paycheck Protection Program and Health Care Enhancement Act (H.R. 266), April 24, 2020. The Paycheck Protection Program (PPP) is a $953-billion business loan program established by the United States federal government during the Trump administration in 2020 through the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to help certain businesses, self ...
Applying Gross vs. Net Income to Your Personal Finances. ... Although your gross pay might be $50,000 a year, your net pay could be more like $35,000, depending on where you live.
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 ...
Provisions of the Paycheck Protection Program and Health Care Enhancement Act include the following. Appropriates an additional $320 billion of funding for the Paycheck Protection Program, which provides low-interest loans for payroll costs and other expenses to small businesses that are forgivable under certain circumstances. [19]
More commonly, this is reported on the income statement as "income (or loss) before taxes". Taxes are then subtracted from the pre-tax income to give a final net income or net profit (or net loss) figure. Net income or net profit which is not expended to shareholders in the form of dividends becomes part of retained earnings.
It is opposed to net income, defined as the gross income minus taxes and other deductions (e.g., mandatory pension contributions). For a business, gross income (also gross profit , sales profit , or credit sales ) is the difference between revenue and the cost of making a product or providing a service, before deducting overheads , payroll ...
Adjusted gross income differs from both of these calculations because it’s your gross income minus specific deductions allowed by the IRS to determine your taxable income. Your net pay may ...