Question

Which statement describes gross income?
A.The take-home pay after taxes but before benefits are deducted.
B. The amount left after taxes and benefits are deducted.
C.The total amount of earned salary or wages.
D. The total amount of your paycheck.

Answer 1

The earned salary or wages paid to an employee by a company for work done before necessary deduction like Tax is termed "Gross Income".

Let understand that "Gross income" in this context refers to salary or wage collected by workers, not one used in preparation of Income Statement for a month or year ended.

• Usually, the amount that an employee or labor is entitled to, for his services to an organization or institution is termed Gross Income.

• After necessary deductions by the employer for Taxes, Insurance, Benefit etc, then, the remaining amount paid to the employee is known as Net Income.

In conclusion, the total amount of earned salary or wages best described the Gross Income.

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Answer 2

Answer:

D

Explanation: