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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
How do you solve monthly gross pay?
Net pay = gross pay - deductions. Or in percentages: Net pay = gross pay x (1 - percentage of deductions / 100) If you have any two of these, you can solve the third. For example, in the last formula: gross pay = net pay / (1 - percentage of deductions / 100)
What does gross price and net price?
The gross price is the basic price. Adjust for any discuont, add any relevant taxes and you get the net price.
Difference between gross and net volume?
Gross is what is made prior to all tax deductions. Net pay is the actual amount made. For instance if your check before taxes is $500 that is your gross pay. If after taxes it is $409 that is your net pay. The same can be applied to volume.
