What is the difference between gross income and net income and why is it important to know the difference between the two when you create a budget?.

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asked Apr 5, 2024 64.0k views

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Thom Schumacher · Answer 1 · 2024-04-10T04:02:45+0000

Step-by-step explanation:

Gross income represents your wages from your employer before taxes, and other deductions have been taken out. However, net income as an employee is your take-home pay after taxes have been withheld, including taxes for Social Security and Medicare.

What is the difference between gross income and net income and why is it important to know the difference between the two when you create a budget?.

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