Money earned after taxes; take home pay is called what?

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Study for the 6th Grade Financial Literacy Test. Explore interactive quizzes and multiple-choice questions with insightful explanations. Prepare effectively today!

Multiple Choice

Money earned after taxes; take home pay is called what?

Explanation:
Take-home pay is the amount left after taxes and other deductions, so it’s called net income. Gross income is the total you earn before any deductions. Surplus and subtotal aren’t the terms used to describe what you actually receive after deductions. For example, if you earn $1,000 before taxes and have $200 in taxes plus $50 in other deductions, your take-home pay is $750—your net income.

Take-home pay is the amount left after taxes and other deductions, so it’s called net income. Gross income is the total you earn before any deductions. Surplus and subtotal aren’t the terms used to describe what you actually receive after deductions. For example, if you earn $1,000 before taxes and have $200 in taxes plus $50 in other deductions, your take-home pay is $750—your net income.

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