Net pay
Encyclopedia
Net pay is the remaining amount after deductions from the gross
salary
, where net
means ultimate.
Example deductions: income tax
es, trade union
dues, it mean authorized deduction for a retirement
Net pay is the amount left over after deductions from the gross salary.
Gross (economics)
In economics, gross means before deductions. The antonym is net, meaning after deductions.-Usage:In this sense, it may appear an adjective, following the noun it modifies, e.g., "earned two million dollars, gross"...
salary
Salary
A salary is a form of periodic payment from an employer to an employee, which may be specified in an employment contract. It is contrasted with piece wages, where each job, hour or other unit is paid separately, rather than on a periodic basis....
, where net
Net (economics)
In economics, net means after deductions. A related concept is gross, meaning before deductions.Nett is an alternative spelling used in British English.-Usage:...
means ultimate.
Example deductions: income tax
Income tax
An income tax is a tax levied on the income of individuals or businesses . Various income tax systems exist, with varying degrees of tax incidence. Income taxation can be progressive, proportional, or regressive. When the tax is levied on the income of companies, it is often called a corporate...
es, trade union
Trade union
A trade union, trades union or labor union is an organization of workers that have banded together to achieve common goals such as better working conditions. The trade union, through its leadership, bargains with the employer on behalf of union members and negotiates labour contracts with...
dues, it mean authorized deduction for a retirement
Retirement
Retirement is the point where a person stops employment completely. A person may also semi-retire by reducing work hours.Many people choose to retire when they are eligible for private or public pension benefits, although some are forced to retire when physical conditions don't allow the person to...
Net pay is the amount left over after deductions from the gross salary.
See also
- List of countries by average wage
- List of countries by monthly average wage
- List of countries in Europe by average wage
- Compensation of Employees (per hour)Compensation of Employees (per hour)The compensation of employees per hour is a measure for the financial well-being of a country's inhabitants. A similar measure is the GDP per capita. However, gross domestic product = compensation of employees + gross operating surplus/mixed income + taxes on production - subsidies...
- Wages and SalariesWages and SalariesIn the national accounts, in accordance with the System of National Accounts, wages and salaries include the values of any social contributions, income taxes , etc., payable by the employee even if they are actually withheld by the employer for administrative convenience or other reasons and paid...