Asked by
Simone Portnoy
on Nov 13, 2024Verified
The total earnings of an employee for a payroll period is referred to as
A) take-home pay
B) pay net of taxes
C) net pay
D) gross pay
Gross Pay
The total amount of money an employee earns before any deductions or taxes are applied.
Pay Net of Taxes
The amount of salary or wages that an employee takes home after all deductions, including taxes, are subtracted from their gross pay.
Take-Home Pay
The net amount of income that an employee receives after deductions such as taxes and social security contributions have been removed.
- Identify the distinctions among gross pay, net pay, and taxable income.
Verified Answer
RS
Learning Objectives
- Identify the distinctions among gross pay, net pay, and taxable income.