Final answer:
Gross monthly income is the total amount of income earned before deductions, such as taxes, are taken out.
Explanation:
Gross monthly income is the total amount of income earned before any deductions are taken out. It includes the salary or wages you receive from your job.
When you see your paycheck, the gross pay is the initial amount before any taxes or deductions such as health insurance are subtracted. For example, if you earn $3,000 per month, that is your gross monthly income.
Understanding the difference between gross and net income is crucial for managing personal finances and budgeting effectively.
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