Answer :
Final answer:
Net income, also known as take-home pay, is the amount left in a paycheck after deductions such as taxes. Disposable income is another term for net income, representing the money available for spending.
Explanation:
Net income, also known as take-home pay, is the amount left in a paycheck after all deductions have been taken out, such as taxes and other mandatory contributions.
For example, if your gross pay is [tex]$1500 and after deductions, you receive $[/tex]1000 in your bank account, then $1000 is your net income.
Disposable income is another term for net income, representing the money available for spending after deductions.
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