Gross Pay vs. Net Pay: What's the Difference? — Transcript
Full transcript
- 0:00what's the difference between gross pay
- 0:02and that pay we're gonna help you figure
- 0:03it out
- 0:05[Music]
- 0:14crows pay and net pay our common payroll
- 0:17terms so it's important to know the
- 0:19difference between the two first let's
- 0:20talk about gross pay gross pay is the
- 0:23amount of wages an employee earns before
- 0:25any taxes deductions or other amounts
- 0:28have been taken out of it net pay is the
- 0:31amount of money your employees get after
- 0:33taxes and deductions have been taken out
- 0:36this is the amount of money they
- 0:37actually receive on pay day for an
- 0:40example let's take a look at this pie
- 0:42chart so gross pay is kind of like this
- 0:48full pizza nothing's been taken away
- 0:50it's the full amount all right
- 0:55net pay is a lot like what's left over
- 0:58this pizza now some things have been
- 1:00taken out like taxes and deductions but
- 1:02what's leftover is what they take home
- 1:04you go have more small business
- 1:08questions ask us to subscribe to our
- 1:11channel for more videos and follow us on
- 1:13Twitter I'm gonna catch an inflatable
- 1:15donut
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