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Understanding your income sources is one of the starting points towards creating a budget. Your annual gross income represents your total income before any taxes or other deductions. “Take-home pay” represents your net income, specifically your income minus taxes, credits, and deductions. Some common income sources include:
This is money you earn at your job. When calculating your net income from wages and salaries, be sure to deduct any 401(k) contributions you choose to make.
Interest income can be earned from your bank accounts, such as savings accounts and certificates of deposit (CDs). Dividends may be received if you hold stock in a company.
Net rental income is the total amount of money received for rent after expenses for the property have been paid.
Social Security benefits include the amount paid to retirees who contributed during their working years, as well as amounts paid to surviving spouses and disabled workers.
Other income may include unemployment compensation, winnings from gambling, gifts received, or money taken from an IRA, 401(k), or pension.
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