Final answer:
'Take-home pay' is also called 'net pay' or 'net income' and refers to the money you have left after taxes are taken out of your paycheck. When you start a job, you fill out a W-4 form, which impacts your take-home pay. Deductions from an employee's wages are taxes that employers withhold from wages, while taxes paid by an employer are paid from the employer's own funds.
Step-by-step explanation:
'Take-home pay' is also called 'net pay' or 'net income'. It refers to the money you have left when your paycheck makes its way to you and all of the required taxes are taken out. For example, if you have a job that pays you $1500 every two weeks, after taxes you may end up with $1000 actually making it into your bank account.
When you start a job, you usually fill out a W-4 form which impacts what you take home. It is important to note that the money taken out of your paycheck is used to pay taxes to the local, state, and federal government. At the end of each year, you are responsible for preparing a tax return and filing it.
Deductions from an employee's wages are taxes that employers are required to withhold from employees' wages. These often cover advance payment of income tax, social security contributions, and various insurances, such as unemployment and disability. Taxes paid by an employer based on the employee's wages are taxes that are paid from the employer's own funds, usually covering the employer's funding of the social security system and other insurance programs.
The complete question is: What is 'take-home pay' also called? is: