Question

V. Answer the following briefly.
1. What do you mean by income?
2. What do you mean by gross income?
3. What is disposable income?
4. Write a short note 'Net Pay'.
5. What is a tax?​

Answer 1

Answer:

1 The definition of income is the amount of money received by a person, group or company during a certain period of time.

2 Gross income is the total amount of pay a person receives in their paycheck before any deductions or taxes are taken out. When looking at a pay stub, net income is what is shown after taxes and deductions. ... Gross income can also be referred to as pretax or before-tax income.

3 Disposable income is total personal income minus personal current taxes. In national accounts definitions, personal income minus personal current taxes equals disposable personal income.

4 Net pay, also referred to as take home pay, equals an employee's total pay less all deductions. Net pay is the amount of wages that employees actually take home. In other words, net pay is the amount of money on each employee paycheck.

5 A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer by a governmental organization in order to fund government spending and various public expenditures. A failure to pay, along with evasion of or resistance to taxation, is punishable by law.

Explanation:

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