Net Earnings

Net earnings, also called net income, is the amount of your paycheck remaining after all expenses, taxes, and other deductions are subtracted from the gross income. Deductions include mandatory withholdings such as federal and state income taxes, Medicare and Social Security contributions, and individual deductions such as health insurance and retirement contributions. This is what you would refer to as your take home pay. Net income is important as it is the money available for living expenses and represents an accurate amount you have available for spendings or savings.

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