Table of Contents
What is the total pay after deductions called?
The amount of money you actually take home (after tax withholding and other deductions are taken out of your paycheck) is called your net income, or take-home pay.
What is total deduction?
Total Deductions: The total of both your before-tax deductions and after-tax deductions withheld from your pay. Net Pay: Your gross earnings minus your total taxes and total deductions equals your net pay.
What is another name for net pay?
net income, take-home pay, wages after taxes, taxable income, net wages.
What is the meaning of net pay?
take-home pay
Net pay means take-home pay or the amount employees earn after all payroll deductions are subtracted from their gross pay.
What are deductions based on?
The tax laws allow a number of deductions from your gross, or total, income to arrive at your adjusted gross income, or AGI. If you qualify for any of these deductions, they are generally deductible regardless of whether you claim the standard or itemized deduction.
What do deductions mean on taxes?
A tax deduction is a deduction that lowers a person’s or an organization’s tax liability by lowering their taxable income. Deductions are typically expenses that the taxpayer incurs during the year that can be applied against or subtracted from their gross income to figure out how much tax is owed.
What does deduction mean in writing?
This is known as the deductive method. Deduction comes from two Latin words meaning “to lead away from.” As a writer, you lead your reader away from the thesis and toward your evidence (facts, statistics, case histories, quotes). Approximately 95% of what you read follows this method.
What is the term for the total amount of money an employee earns in a pay period?
Gross earnings. the total amount of money an employee earns in a pay period; also called gross pay.
What’s another word for gross pay?
What is another word for gross pay?
| pay | salary |
|---|---|
| wage | income |
| payment | remuneration |
| wages | earnings |
| recompense | compensation |
What is a payroll deduction?
Payroll deductions are wages withheld from an employee’s total earnings for the purpose of paying taxes, garnishments and benefits, like health insurance. These withholdings constitute the difference between gross pay and net pay and may include: Income tax. Social security tax. Child support payments.