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Often, the term income is substituted for net income, yet this is not preferred due to the possible ambiguity. Net income is informally called the bottom line because it is typically found on the last line of a company's income statement (a related term is top line, meaning revenue, which forms the first line of the account statement).
Both gross income and net income can refer to an individual and a business. For individuals or employees, gross income is the total pay you earn from employers or clients before taxes or other ...
To create a budget, first determine your monthly net income and tally up your basic expenses, such as rent and utilities. Then, set realistic targets for how much you'll spend on groceries ...
The figure also varies depending on the type of food each household buys, the amount consumed, ... Within this budget, you spend 50% of your monthly net income on needs, which is where your ...
More commonly, this is reported on the income statement as "income (or loss) before taxes". Taxes are then subtracted from the pre-tax income to give a final net income or net profit (or net loss) figure. Net income or net profit which is not expended to shareholders in the form of dividends becomes part of retained earnings.
In the most basic form of creating a personal budget the person needs to calculate their net income, track their spending over a set period of time, set goals based on the information previously gathered, make a plan to achieve these goals, and adjust their spending based on the plan. [3] There exist many methods of budgeting to help people do ...