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  3. What is the difference between gross income and net income?
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  3. What is the difference between gross income and net income?

What is the difference between gross income and net income?

Gross income (or gross pay) is all wages paid to you in a pay period before any taxes or deductions are taken out.

Net income is the residual amount of earnings after all deductions have been taken from gross pay, such as payroll taxes, garnishments, retirement plan contributions, parking, etc.

Updated on March 5, 2020

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