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How to Calculate and Use Net Income and Gross Income
Net income and gross income definitions and examplesâś•Net income and gross income definitions and examplesOrganizing and summarizing search results for youYou can use your net income and gross income to create a budget, save for your goals, and manage your taxes. Here are some key points to know:
- Gross income: Add up all your income sources for a given period. 3
- Net income: Deduct taxes and other withholdings from your gross income. 9 10
- Online tools: Use salary paycheck calculators to estimate your net income based on your gross income, filing status, number of dependents, and deductions. 9 10
- Budget: Use the 50/30/20 rule to allocate your net income among needs, wants, and savings. 11 12
- Tax benefits: Use your gross income to determine your eligibility for certain tax benefits, such as retirement plan contributions, IRA deductions, and child tax credit. You can also contribute to tax-advantaged accounts, such as 401(k)s, IRAs, HSAs, and 529 plans, that lower your gross income and help you save for specific purposes. 13
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