Net salary, also known as take-home pay, is the amount of money an individual receives after all deductions have been made from their gross salary. These deductions typically include taxes, social security contributions, health insurance premiums, and other mandatory or optional deductions. Understanding Net Salary To calculate net salary, various deductions are subtracted from the…
Gross salary refers to the total amount of money an individual earns before any deductions, such as taxes, social security contributions, or health insurance premiums.1 It’s the total compensation you receive from your employer for your work.2 Understanding Gross Salary Gross salary is often broken down into two main components: Gross Salary vs. Net Salary…
What is Gross Salary? Gross salary refers to the total amount of money an individual earns before any deductions, such as taxes, social security contributions, and health insurance premiums. It’s the total compensation you receive for your work, including your base salary and any additional earnings like bonuses, commissions, or overtime pay. Why is Gross…