Net salary definition
/What is Net Salary?
Net salary is the amount of take-home pay remaining after all withholdings and payroll deductions have been removed from a person’s salary. The residual amount is then paid to the employee in cash. The deductions that can be taken from gross pay to arrive at net salary include (but are not limited to) the following:
Federal income tax
State and local income taxes
Social Security tax
Medicare tax
Health insurance deductions
Flexible spending account deductions
Pension deductions
Repayment of company loans or advances
Charitable donation deductions
Garnishments