Well if you make 988.77 every 2 weeks then you get paid 25 times per year which comes to $24,719. This is Net income because it's what you actually took home.
The money you earned before taxes were taken out is your gross income. you probably had what about 15% withheld for taxes? add that back in and you made close to $28427.
But that's an estimate because i dont know how much you actually paid in taxes, you can just look on your pay stub and will tell you how much you made last yeat, both net %26amp; gross.How do you figure out your net income?
Actually, that is wrong... it's very wrong... if you get paid every 2 weeks then you ACTUALLY get paid 26 times a year. Also, the 15% is wrong because you would have to know exactly how many exemptions this person claimed on their W-4m do they pay state taxes, health insurance, any other deductions? Report Abuse
In everyday language, net income usually refers to income after deducting taxes.
For tax purposes, however, net income has a very specific definition. Assuming that your only source of income is your job, your net income would be your gross employment income (before deductions) less any RRSP deduction, union dues, child care expenses, employment expenses, and various other deductions. If none of these deductions apply to you, then your net income for tax purposes would simply be your gross employment income.
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