What is the difference in Gross income versus Net income?

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Gross income usually is the money someone or something has earned before any deductions such as taxes, expenses, or promotion has been deducted. If you are receiving money after such expenses have been deducted, you are receiving money based on NET income.
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Does the percent of child support come from the gross or net of an income?

\n. \n Answer \n. \n. \nThe court calculates what the non-custodial parent will pay, based on the adjusted gross income and on the number of children involved. The court first determines the non-custodial parent's gross income, and then makes certain deductions (including Medicare, Social Se (MORE)

What is the difference between gross income and net income?

Gross income is the total amount of money you earned, before taxes and any benefits are paid for. Net income is the amount of money you actually received on your paycheck after taxes and any benefits you contribute toward are taken out.

What is the difference between revenue and net income?

Revenue: Is the amount you earn by selling your product or services. Net Income: Is the amount that remains from your revenue after deducting all costs which you have incurred for making that product or providing services. Example: For example, if you go and give tuition to somebody a (MORE)

What is the difference between Adjustable gross income and taxable income?

Taxable Income is your adjusted gross income minus your exemptions and either itemized or the standard deduction.. ANSWER: . The Internal Revenue Code defines taxable income as: Gross income minus deductions allowed (other than the standard deduction). In the case of the individual who does no (MORE)

Gross vs net income?

Gross and Net Gross refers to the total and Net refers to the part of the total that really matters. Gross vs Net Income In accounting, for a P&L (profit and loss statement, Gross profit , or Gross income , or Gross operating profit is the difference between revenue and the cost of makin (MORE)

What is the difference between true gross income and gross income?

Gross pay is equal to your salary minus any automatic (non-taxable) deductions such as health insurace and 401K deductions. . True Gross pay equals your total salary. . Example: . An employee gets paid $10 per hour and works for 40 hours. They also have insurance and 401K deductions of a total o (MORE)

What is the difference between net profit and net income?

Net Profit and Net Income are interchangeable terms. I think all the taxes are include in Income. and in net profit means no any tax. Ex.,. my income is 100 rs and my net profit is 90..10 rs deduct in tax. I don't agree with you. net income . Definition 1 In business , what (MORE)

What is the difference between net income and net sales?

Net Sales = total revenue generated by whatever a business does. (eg. selling wigets, renting movies, providing accounting services, etc.). Net Income = the Net Sales minus Interest, Taxes, and Depreciation on whatever assets the company owns. It's the bottom line amount a company takes home "at th (MORE)

Difference between gross income and income?

Income is a general term referring to one's financial gain, whether earned or unearned, received as wages, or for services, from the sale of goods or property, or as earnings on investments over a given period of time.. Gross income is the total income earned from all sources (e.g. wages, property) (MORE)

What is the difference between net income and net profit?

Net income is the total revenue in an accounting period minus all expenses during the same period. If income taxes and interest are not deducted, it is called net profit or operating profit (or Loss, as the case may be). Also called earnings or net earnings. See link below for more details.

What is the net income after taxes on gross of 360.00 week?

There are several variables which will affect the answer such as the number of exemptions you claim, the state income tax rate, other state taxes such as unemployment and disability, contributions to health insurance or retirement plans, union dues, etc. However, 70% - 75% or 252 - 270 is a rough es (MORE)

What is the difference between adjusted gross income and modified adjusted gross income?

Adjusted gross income is the number on the last line of the first page of Form 1040. The tax law has many different definitions of modified adjusted gross income in many different contexts. For example, there are different definitions of MAGI for determining whether you can deduct a traditional I (MORE)

Difference between NOPAT and net income?

For companies with no debt and thus no interest expense, NOPAT is equal to http://www.answers.com/topic/net-profit-1 . In other words, NOPAT represents the company's operating profit that would accrue to shareholders (after taxes) if the company had no debt. See also http://www.answers.com/topi (MORE)

Why are gross income and adjusted gross income different?

Gross Income- The Internal Revenue Code defines gross income as "except as otherwise provided..., all income from whatever source derived." The "except as otherwise provided" refers to exclusions. Adjusted Gross Income (AGI)- is an important subtotal that serves as the basis for computing percentag (MORE)

Is annual income your gross or net income?

Your annual income is generally your net income - what you earned (gross income) minus the taxes and pre-tax benefits you pay for prior to getting your paycheck (deductions).

Monthly income is stated as your gross income net income or take-home pay?

To answer the question we should first define the point of view, which is determined by the purpose who or why do we want to make this differentiation. If we see it from the point of cost calculation in a company during head count budgeting or negotiation of the salary of a new hire or to determine (MORE)

What does gross income net of taxes mean?

It means your gross income minus the net tax deductions, the tax deductions as federal income taxes, state taxes, Fica, medicare, SUI/SDI. Other taxes are not included, such as, life insurance, charity, or debts that are taken automatic from your paycheck.

What is the difference between adjusted gross income and gross income?

Gross income on the 1040 income tax return is the total amounts of all of your worldwide taxable income added together that is on page 1 line 22 Total Income of the 1040 tax form. From the line 22 total taxable income you can have some amounts from line 23 through line 35 that can be used to reduc (MORE)

What is the difference between gross income and taxable income?

Gross income is the sum of income from all of the revenue generating activities. This does not include any deductions. Taxable income is the gross income and all of the deductions. Taxable income is always lower than gross income because all of the deductions are included. .

What is your gross income if your net income is 1000 per week?

You should get this information from your employer payroll department as they will be the one that would know how much FICA, federal income tax, state income, local taxes, etc they will have to withhold from your hourly pay or gross pay for the pay period.

Are social security checks based on gross or net income?

Retirement benefit calculations are based on your average earnings during a lifetime of work under the Social Security system. For most current and future retirees, we will average your 35 highest years of earnings. Years in which you have low earnings or no earnings may be counted to bring the tota (MORE)

What is the difference between Net Income and Net Operating Income?

Net operating income (must be a positive number, otherwise would be net operating loss) is the amount after expenses have been deducted out of sales, BUT before INTEREST and INCOME TAXES have been deducted (also called EBIT: Earning before Interest and Taxes). Therefore, the difference is that Net o (MORE)

What is the Difference between net income and net operating income approach to capital structure?

Net Operating Income Approach Net Operating Income Approach was also suggested by Durand. This approach is of the opposite view of Net Income approach. This approach suggests that the capital structure decision of a firm is irrelevant and that any change in the leverage or debt will not resul (MORE)

Is gross profit the same as net income?

No. Gross will be what you make prior to any overhead expenses. For instance: You make a product using labor and material. Sales price less labor and material costs give you a gross profit. From gross profit your overhead and taxes will be paid leaving you with a net profit. Net is always what is le (MORE)

What part of income is 10 percent tithing gross or net?

God gave very clear instructions in His Word how to figure His tithe. Leviticus 27:30-33, Numbers 18: The First Tithe - a tenth of crops and animals and commanded to take the tithe to the Levites. Deuteronomy 14:22-27: The Second Tithe aka The Festival Tithe - a tenth of crops, plus add to tha (MORE)

Is gross income higher than net income?

Gross income in normally higher then net income unless there isother income then normal business operations then net income may behigher then gross income.

Does gross profit minus expenses equal net income?

Yes, gross profit minus expenses equal to net income as provedby following: . Sales xxxx . less: . Cost of sales xxxx . Gross profit xxxx . Less: . Admin & Selling expenses xxxx . Other expenses xxxx . Net Income xxxx

In my tax return do I give my total net income or total gross income?

Most of your income is taxable on the gross income level. Some items are excluded from taxable gross income (such as pretax deductions from your paycheck for child care or medical expenses). Wage earners will enter the income in box 1 of their Form W-2 which is their taxable gross income. Other t (MORE)

Are taxes deducted from gross income or net income?

Gross income is generally your total income. Net income is what you actually end up with to pay your bills. Gross income minus taxes & other deductions (such as disability insurance) equals net income.

What income is higher net income or gross income?

Normally gross income is higher than net income as gross incomeonly includes direct expenses for manufacturing of goods while innet income other administrative expenses are also deducted but eventhen net income may be high if company has other income which isnot related to specific business related (MORE)

Is gross profit greater than net income?

Most probably, yes. Gross Profit is the gain made solely from trading activities: the difference between the revenue received from sales and how much their cost of purchase/production was. Net Profit, however, will take into account other incomes (such as rent from sub-let premises, profit from disp (MORE)