The best answer is:
Net income is wages, salaries and other earnings minus all tax and deductions.
This accurately describes net income, whereas gross income refers to total earnings before any deductions.
What is the difference between gross income and net income? Select the best answer.(1 point)
Responses
Gross income is the total of annual salary minus federal income tax.
Gross income is the total of annual salary minus federal income tax.
All wages and other earnings minus mandatory deductions
All wages and other earnings minus mandatory deductions
Net income is wages, salaries and other earnings minus all tax and deductions
Net income is wages, salaries and other earnings minus all tax and deductions
Wages minus voluntary deductions
Wages minus voluntary deductions
1 answer