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net income is gross income less expenses

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17y ago

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How do you calculate a net income percentage?

In general, net income is gross minus tax/FICA/Medicare withholding, unusual work expenses such as uniforms, health/dental insurance, and current support for other children as ordered and paid.


Does sales return and allowances go on the statement of earnings?

--> another term for Statement of Earnings is Income Statement --> in income statement, you deduct the Sales Return & Allowances from the Gross Sales to come up with Net Sales --> in presentation purposes, usually it is only the Net Sales account that is shown


What are the two measures of revenue?

The two measures of revenue are gross revenue and net revenue. Gross revenue refers to the total income generated from sales before any deductions, such as returns, allowances, or discounts. Net revenue, on the other hand, is the income remaining after these deductions have been subtracted, providing a clearer picture of a company's actual earnings. Understanding both measures is crucial for assessing a business's financial performance.


What is the gross if a person makes 425.00 a week?

To calculate the gross income for a person making $425.00 a week, you simply take that weekly amount as it represents their gross earnings before any deductions. Therefore, the gross income is $425.00 per week. If you want to calculate the annual gross income, you would multiply that weekly amount by the number of weeks in a year, which is 52, resulting in an annual gross income of $22,100.00.


What is the calculation to find net figure if gross figure includes 15 percent?

To find the net figure when the gross figure includes a 15% markup, you can use the formula: Net Figure = Gross Figure / (1 + Markup Percentage). In this case, the calculation would be: Net Figure = Gross Figure / 1.15. This will give you the original amount before the 15% was added.