Final answer:
Net income is the amount an individual takes home after all taxes and deductions are subtracted from their wages and other earnings.
Step-by-step explanation:
An individual's net income is described as all wages minus all taxes and deductions. This includes taxes such as federal income tax, state income tax if applicable, and payroll taxes like Social Security and Medicare (FICA). Other deductions might include retirement contributions, health insurance premiums, and various other benefits costs.
The key concept is that net income represents the amount of money that an individual actually takes home after all deductions.