Asked by
Silent Voice
on Nov 13, 2024Verified
An employee's take-home pay is equal to gross pay less all voluntary deductions.
Take-Home Pay
The net amount of income an employee actually receives after deductions such as taxes and retirement contributions.
Voluntary Deductions
Deductions from an employee's paycheck that the employee chooses to have withheld for benefits such as retirement plans, health insurance, and union dues.
Gross Pay
The total earnings of an employee for a payroll period.
- Comprehend the effect of payroll taxes on an employee's gross and net income.
Verified Answer
AA
Learning Objectives
- Comprehend the effect of payroll taxes on an employee's gross and net income.