Questions: In a few sentences, explain the following: What is take-home pay?

In a few sentences, explain the following: What is take-home pay?
Transcript text: In a few sentences, explain the following: What is take-home pay?
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Take-home pay, also known as net pay, is the amount of money an employee receives after all deductions have been subtracted from their gross salary. These deductions typically include federal, state, and local taxes, Social Security and Medicare contributions, health insurance premiums, retirement plan contributions, and any other voluntary deductions such as union dues or charitable donations. Essentially, take-home pay is the actual amount of money an employee can use for personal expenses and savings. For example, if an employee's gross salary is $3,000 per month and the total deductions amount to $700, their take-home pay would be $2,300.

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