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What do you call the number of withholding allowances a worker claims?
The number of withholding allowances a worker claims are called deductions. Gross pay minus deductions is equal to net pay.
Which is the best description of gross pay?
the amount of money a worker receives before any deductions
What is the difference between Gross Income and Net Income as it is applied to the typical worker?
Net Income would be after deductions (Taxes on Earnings/ Levies / Contributions- UIF etc) and would be the actual amount payed to the typical worker. Gross Income would be before these deductions and would be the advertised wage.
What all deductions are needed for gross salary?
Gross salary means the total salary BEFORE any deductions are taken, so the answer is no deductions.
What does gross price and net price mean?
The gross price would be the price before deductions. The net price is after deductions.
When you earn a paycheck is it important to know how to compute the deductions to form your gross pay?
Your GROSS pay is before any deductions. Compute deductions, subtract them from your gross pay, and get your NET pay- that is how much you get to take home.
What is the formula for taxable income?
Gross Income - Above the Line Deductions = Adjusted Gross Income - (Deductions +Exemptions)= Taxable Income
The gross income of ginger hughes is 215 per weekher deductions are 15.16fica tax29.33income tax 2 percent state tax1 percent city taxand 3 percent retirement fund what is her net income?
the gross income of ginger hughes is 215 per week her deductions are 15.16fica tax 29.33 income tax 2 percent state tax 1 percent city tax and 3 percent retirement fund what is her net income?
What is Take home pay is equal to?
gross income - (required deductions + optional deductions)
What is the formula for calculating taxable income?
Gross Income - Above the Line Deductions = Adjusted Gross Income - (Deductions +Exemptions)= Taxable Income
How does the amount of tax a person pays affect the person's disposable income?
Taxes and deductions for other items are subtracted from the worker's gross pay to calculate net pay.
How does amount of tax a person pays affect the person disposable income?
Taxes and deductions for other items are subtracted from the worker's gross pay to calculate net pay.
