Explain each of the following:
(i) Gross income
(ii) Net income - Leaving Cert Home Economics - Question 10 - 2007
Question 10
Explain each of the following:
(i) Gross income
(ii) Net income
Worked Solution & Example Answer:Explain each of the following:
(i) Gross income
(ii) Net income - Leaving Cert Home Economics - Question 10 - 2007
Step 1
Gross income
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Answer
Gross income refers to the total income earned before any deductions are made. It includes all earnings from various sources, such as salaries, wages, bonuses, and any other form of income, without subtracting any taxes or contributions.
Step 2
Net income
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Answer
Net income is the amount of income that remains after all deductions have been made. This includes deductions for taxes, pensions, and other contributions. It is often referred to as 'take-home pay', as it represents the actual amount the individual receives after obligations are met.
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