INCOME

What is the difference between gross pay and net pay?

Gross pay. Although many people equate salary with gross pay, the two terms are distinct. Salary refers to the agreed-upon earnings that an employer will give a worker in a given period of time. Net pay,in contrast, is referred as "take-home pay." Net payment is the amount that an individual receives after income taxes, insurance, social security benefits, pension contributions, retirement contributions, charitable donations and any other expenses have been deducted.

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