What is the difference between net income and gross income?
2006-09-07 18:45:04 · 6 answers · asked by dee d 3 in Business & Finance ➔ Credit
Gross income is the number of hours worked times the rate of pay. For example: 40 hours * $5.35 = $214.00
Net income is the amount of your income you actually get to bring home after taxes, insurance and any other deductions.
2006-09-07 18:48:36 · answer #1 · answered by kc_warpaint 5 · 0⤊ 0⤋
Net Sales less Cost of Sales = Gross Income
Gross Incomess less Operating Expenses = Net Taxable Income
Net Taxable income less Tax = Net Income
2006-09-08 01:49:23 · answer #2 · answered by Sheepish TinTin 3 · 0⤊ 0⤋
Gross income is the income before deducting any tax that are payable while net income is the income after deducting all the taxes .
2006-09-08 01:51:02 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Gross income is the money you make before taxes, net income is what you make after taxes [ after your deductions].
2006-09-08 01:49:09 · answer #4 · answered by Sparkeleyes 1 · 0⤊ 0⤋
gross is before any taxes, ins , etc. is taken out of your check....and net is that really low # that you see when you get your check and you think..... hey where did all my money go!!!
2006-09-08 01:50:22 · answer #5 · answered by cali13 2 · 0⤊ 0⤋
yep, what they said
2006-09-08 01:50:59 · answer #6 · answered by allison_smith0 3 · 0⤊ 0⤋