Basic IncomeBasic Income
BonusBonus
CommissionCommission
Direct DepositDirect Deposit
Earned IncomeEarned Income
Exempt vs. Non-Exempt StatusExempt vs. Non-Exempt Status
Fringe BenefitsFringe Benefits
Gross IncomeGross Income
Gross PayGross Pay
Incentive PayIncentive Pay
Living WageLiving Wage
Merit IncreaseMerit Increase
Net IncomeNet Income
Net PayNet Pay
Pay FrequencyPay Frequency
Pay StubPay Stub
Payroll DeductionPayroll Deduction
Profit SharingProfit Sharing
Salary NegotiationSalary Negotiation
Salary SlipSalary Slip
Side HustleSide Hustle
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Net Income

Definition

The amount of money you take home after all taxes and deductions are subtracted from your gross income.

What to consider

  • Use your net income as the basis for all your budgeting.
  • Keep track of any changes to plan your spending accordingly.
  • It’s a clearer picture of what you truly have available.

Real world scenarios

  • A small bakery owner calculates net income after deducting rent, labor, and ingredient costs to gauge actual profitability.
  • Mari uses her net income figure to decide how much goes toward savings and fun activities each month.
  • Comparing net income across multiple quarters helps a freelance graphic designer track her business growth accurately.

Related terms

Bonus
Direct Deposit
Salary Slip
Payroll Deduction
Fringe Benefits

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