#FinancialFridays: Income Terms
Gross Income: Total income, also known as gross pay if it is on a pay cheque, is someone’s total earnings before taxes or other deductions are taken off.
Net Income: The amount of money you get after taxes and deductions are taken off.
I remember thinking of fishing with a net. The number of fish in the lake is available to catch. I throw my net and catch a certain number of fish. Some fish are smaller and escape through the holes of the net. The ones that escape are the taxes and deductions. The ones still in my net are the ones I get to take home, also known as my net income or net pay.
~ Caroline (UWBG Financial Literacy Coordinator)
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