The figure above is of Microsoft Excel .
Definitions:
Calendar Year
A one-year period that begins on January 1 and ends on December 31, used as a financial or accounting period.
Gross Pay
The entire sum an employee receives in earnings before any taxes or deductions are subtracted.
Deductions
Amounts subtracted from an employee's gross income to calculate taxable income, or expenses subtracted from gross revenue in accounting to determine net income.
Net Pay
The amount of money an employee takes home after deductions like taxes and retirement contributions have been subtracted from their gross pay.
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