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Match the different categories of income to the calculation used to derive them.

gross pay – deductions(blank) Adjusted Gross Pay – tax(blank) disposable income – personal spending(blank) taxable income – taxes(blank)

Terms to match=
Adjusted Gross Pay
taxable income
disposable income
savings

Respuesta :

Answer:

Adjusted Gross Pay=Gross pay – deductions  

Taxable income=Adjusted Gross pay-tax

Disposable income=taxable income- taxes

Savings=Disposable income-personal spending

Explanation:

chilljain33

The terms of different types of income and their calculation can be matched as below,

  1. Adjusted Gross Income = Gross pay – deductions
  2. Taxable income = Adjusted Gross pay – expenses
  3. Disposable income = taxable income – taxes
  4. Savings = Disposable income – personal spending

What is the significance of different types of income?

Any amount of monies made by an individual for a given period of time, which is eligible for a number of deductions and taxes at different levels and stages, is known as income.

An income on which no deduction or credits have been deducted is known as the gross income. When such deductions are made, it becomes the adjusted gross income.

Furthermore, taxes are implied over the adjusted gross income of an individual. Finally, the amount which an individual can spend in any way is known as disposable income. And lastly, monies left, if any, after spending the disposable income forms up savings of an individual.

Hence, the matches for different types of income along with their calculation have been aforementioned.

Learn more about income here:

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