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Gross income refers to the total amount of money you earn from your job or other sources before taxes. It includes your salary or wages, bonuses, tips, commissions and any other income you receive.
How To Calculate Net Income. Based on the definition of “net income,” you calculate it by looking at your total revenue and subtracting any and all expenses.. Gross profit takes your total ...
Net pay is the amount of money employees earn after payroll deductions are taken from gross pay. These includes taxes, benefits, wage garnishments and other deductions. These includes taxes ...
In business and accounting, net income (also total comprehensive income, net earnings, net profit, bottom line, sales profit, or credit sales) is an entity's income minus cost of goods sold, expenses, depreciation and amortization, interest, and taxes for an accounting period. [1] [better source needed]
"Gross" means total product, regardless of the use to which it is subsequently put. "Net" means "Gross" minus the amount that must be used to offset depreciation – ie., wear-and-tear or obsolescence of the nation's fixed capital assets. "Net" gives an indication of how much product is actually available for consumption or new investment.
The amount of income recognized is generally the value received or the value which the taxpayer has a right to receive. Certain types of income are specifically excluded from gross income for tax purposes. The time at which gross income becomes taxable is determined under Federal tax rules, which differ in some cases from financial accounting ...
Adjusted gross income is an important number used to determine how much you owe in taxes. It's a factor in determining your federal tax bracket and taxable income -- the portion of your income ...
Similarly, net investment in physical capital such as machinery equals gross (total) investment minus the dollar amount of replacement investment that offsets depreciation of pre-existing machinery, thus giving the change in the amount of machinery available for use. Likewise, net national product equals gross national product minus depreciation.