Gross and Net income Quick Check

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Which are voluntary deductions? Select the two correct answers.

-health insurance -retirement plan contribution

Which describes an individual's net income?

all wages minus all taxes and deductions

Which describes gross income?

all wages, payments, and other earnings

Which defines a W-4?

an IRS form used to determine how much federal tax to withhold

Which is a common way of describing net income?

take-home pay


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