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
