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Donaldo Bergmoser

Level 1

Question

What is meant by ( net income ) ?

Forum|Forum|5 years ago
February 20, 2021
2 replies
2 views

No text available

TurboTax Free Edition Online

Level 15

In business, net income is gross income minus expenses. Personally, gross income is the amount you earn before taxes and other payroll deductions. Net income is your take-home pay after taxes and other payroll deductions. Your net income is the amount on your paycheck.

Alumni - Champ

For self-employed taxpayers net income is what is left after deducting business expenses, materials, wages paid to employees, etc. It is what is left that is taxable income - i.e. your profit from the business.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**