Gross Income

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Gross income is the total amount of money you earn before any deductions are taken out. This includes your salary, wages, tips, commissions, bonuses, and other forms of income. It also includes any income from investments, such as dividends and interest.

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There are a number of different types of deductions that can be taken from your gross income. These include:

* Federal income tax
* State income tax
* Social Security taxes
* Medicare taxes
* Health insurance premiums
* Retirement contributions
* Moving expenses
* Self-employment taxes

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After all of your deductions have been taken out, your remaining income is known as your net income. This is the amount of money that you are actually able to keep.

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Gross income is an important concept for understanding your financial situation. It is the starting point for calculating your taxes and other financial obligations. It is also a good way to track your progress over time and see how your income is changing.

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There are a number of ways to calculate your gross income. The easiest way is to look at your paystub. Your paystub will show you your gross income, as well as all of the deductions that have been taken out. You can also calculate your gross income by adding up all of your sources of income, such as your salary, wages, tips, commissions, bonuses, and other forms of income.

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Gross income is an important concept to understand, but it is not the same as your net income. Your net income is the amount of money that you are actually able to keep after all of your deductions have been taken out. It is important to understand the difference between gross income and net income so that you can make informed financial decisions.