Net Pay is the amount an employee receives after all deductions, such as taxes and benefits, are subtracted from their gross salary or wages.
- What is net pay?
Answer: It is the amount received after deductions from gross salary. - What deductions affect it?
Answer: Deductions include taxes, insurance, and retirement contributions. - How is it calculated?
Answer: It is gross pay minus all withholdings. - Why is it important?
Answer: It determines take-home income for budgeting. - What role does HR play?
Answer: HR ensures accurate payroll processing.
