The difference between gross pay and net pay is that gross pay is the amount that you receive before tax deductions and pay net is the money you take home after all the tax deductions
Gross pay is a persons pay that is including overtime, allowances and bonuses. Net pay is when it is totaled together and subtracting the gross pay from it.
It is known as deductions.
Look it up..... You have to read something in order to answer something... Duuhhh.... But its gross pay is net pay minus deductions.
Gross pay amount is without any deductions while net pay amount is after adjusting the required tax or other deductions.
The difference isn't approximate. Gross pay is how much in total you have been paid. Net pay is the amount of money you have left after spending it. So for example, Your Gross pay each year is $200,000 but after taxes, bills, fun, and luxuries your net pay is $12,000 a year.
Gross is what is made prior to all tax deductions. Net pay is the actual amount made. For instance if your check before taxes is $500 that is your gross pay. If after taxes it is $409 that is your net pay. The same can be applied to volume.
Gross pay is the number of hours times base hourly rate. Net is what is left after Insurance, FICA, Fed and State deductions. In other words, Gross is what you make, Net, is what you spend.
Gross pay is calculated before taxes are taken into consideration where net pay is the amount of money you make after tax.
Your gross income is your income before anything is taken out. Your net income is your remaining income after deducting taxes and expenses--so on your paycheck, your net is your "take home pay".
Knowing the difference will allow you to develop a realistic budget based upon your take-home pay.
are garnishments calculated by gross pay or net pay
can u pls give me the difference between basic and net pay
Gross pay is the amount without deducting any withholding tax or deduction at source i.e; comapies are bound to duduct the taxes on salary of employer at the time of payment and that pay after deduction of taxes is called net pay.
Gross is your total pay. The Net is what is left after all of the deductions. ie FICA, Fed Tax, State Tax, and any Medical Insurance you may have.
Gross pay is almost always greater than net pay, as net pay is after taxes, benefits, etc. Gross pay is what the company tells you that they will pay you. Net pay is what you actually take home.
Gross profit is the total money you made. Net income is what is left of that money after you pay all your expenses: Heat, light, employee salaries, insurance, etc.
Gross pay is pay before taxes have been deducted were net pay is after taxes.
No ... Net pay is what you get to take home after taxes. Gross pay is your salary before taxes.
Net pay = gross pay - deductions. Or in percentages: Net pay = gross pay x (1 - percentage of deductions / 100) If you have any two of these, you can solve the third. For example, in the last formula: gross pay = net pay / (1 - percentage of deductions / 100)
The wages you earn are your gross pay. After taxes and everything else is removed from your paycheck, what remains is your net pay.
Generally, take home pay is net pay.