One Pager Cheat Sheet

• To handle finances and budget living expenses efficiently, it is important to understand what gross monthly income is, how to calculate it, and what is being deducted from it, with this article providing necessary knowledge for calculating gross salary for both salaried and hourly employees.
• Gross income is the total income earned before any deductions or taxes, comprising all sources of income and an important financial indicator used to assess financial viability, while net income is the amount remaining after all withholdings are accounted for.
• According to context, gross income is earned before deductions or taxes while net income is remaining after all withholdings are accounted for so the statement "Net income is always bigger than gross income" is false.
• The deductions taken from gross pay vary by country and employer, but common deductions include items such as taxes and insurance premiums, as shown in the provided table.
• Learn how to calculate your gross monthly income based on whether you are paid on an annual or hourly basis.
• To calculate the Gross Monthly Income of a salaried employee, divide their Annual Salary by 12, accounting for any additional bonuses.
• To calculate gross monthly income as an hourly employee, one must multiply hourly wage by the number of hours worked per week, multiply by 52, then divide by 12, and add any special circumstances such as overtime pay or bonuses.
• To calculate monthly gross income for hourly employees, multiply the hourly wage by the number of hours worked per week, then multiply that by 52 to get the gross annual income and divide it by 12 to get the monthly gross income, but adjust for varying work hours and include special circumstances like recurring bonuses or commissions.