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
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Net Pay

Definition

The actual amount you receive in your paycheck after deductions for taxes, benefits, and other withholdings.

What to consider

  • Know exactly what lands in your bank account each month.
  • Review your pay stub to understand your deductions.
  • Use net pay to set realistic spending limits.

Real world scenarios

  • Mason looks at his paycheck stubs to see the difference between gross pay and net pay, noticing how taxes and benefits reduce take-home income.
  • After raising her retirement contributions, Harriet sees a lower net pay but feels secure knowing she’s investing in her future.
  • Understanding net pay helps Connor plan rent, utilities, and groceries, ensuring he doesn’t rely on credit for essentials.

Related terms

Payroll Deduction
Merit Increase
Living Wage
Direct Deposit
Commission

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