what is the difference between gross income and net income? select the best answer. (1 point) gross income…
what is the difference between gross income and net income? select the best answer. (1 point) gross income is the total of annual salary minus federal income tax. all wages and other earnings minus mandatory deductions net income is wages, salaries and other earnings minus all tax and deductions wages minus voluntary deductions
Answer
Brief Explanations:
Gross income is total earnings before any deductions. Net income is what remains after all taxes and deductions (mandatory and otherwise) are subtracted from gross income.
Answer:
Net income is wages, salaries and other earnings minus all tax and deductions.