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Q: What percent of tax is deducted from DC gross pay?
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Is tax amount deducted from gross sales to arrive at net sales?

No. tax is deducted from gross sales neither is it deducted from gross profit.


Is gross pay less than net pay?

No. Gross pay is the amount before tax, and Nett is the amount after tax has been deducted, so nett is smaller than gross. There is a similar theme in tins of beans. The gross weight is that with the weight of the tin included, the nett the weight of the beans themselves.


What is the net pay for a single with no dependents when gross pay is 970.00?

You can use the following calculator to determine how much tax will be deducted from your paycheck: http://www.paycheckcity.com/NetPayCalc/netpaycalculator.asp Remember that the amount of income tax deducted depends on how you fill out Form W-4 that you give to your employer. It is not the real amount of tax you owe. The real amount is calculated when you fill out your tax return at the end of the year. When you fill out and file your tax return, you will get a refund if too much was deducted or you will pay more if not enough was deducted.


What is the meaning of net of regarding contributions for tax purposes?

Net = Amount after tax is deducted (Amount minus tax) Gross = Amount before any tax is deducted


This withholding tax percentage is deducted depending on the amount of gross pay earned?

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Gross pay is 785 per week Deductions are 42.25 FICA tax 90.33 income tax 2 percent state tax 1 percent city tax and 3 percent retirement fund What is net pay for one week?

1,030.35


What does gross mean as far as tax is concerned?

The amount will not have tax deducted. i.e for a child under 16 the account should be gross not net.HTH


What is the difference between Gross and net and taxable income?

Gross income: the overall income, from which expenses and tax are not yet deducted. Net income: the pure income, left after deducting all expenses and tax. Taxable income: the income before tax, deducted all expenses except tax.


What is post tax deduction?

Post tax deductions are deductions that are figured after taxes have already been taken out, such as a pay advance repayment. Pretax deductions are deducted from gross pay, then federal and state income taxes are determined on the net amount.


How do you calculate your gross earnings?

The amount of income tax that is taken out each year changes and depends on how much you make. However, you will have to pay the standard social security and Medicare taxes. Most people have 10 to 15 percent of their income withheld for taxes.


What does net of taxes mean?

It simply means what's left after tax is deducted from an amount. Net of tax = Gross Amount - Tax


What is gross expenses?

Gross operating expense is the cost something needs to be operated without tax or other contributions being deducted.