Login

Post on Medial

Sairaj Kadam

Stealth • 16d

Understanding Taxation: Salary vs. Income Hey there! Let’s talk about something essential in finance—taxation—and the difference between salary and income. First off, your salary is the fixed amount you earn from your employer, usually detailed in your employment contract. For example, if you have an annual salary of $50,000, that’s the base amount you receive before any taxes or deductions. Now, income is a broader term. It includes not just your salary but also any bonuses, investment income, rental income, freelance earnings, and more. So, if your salary is $50,000 and you earn an additional $15,000 from investments and side jobs, your total income would be $65,000. Remember, taxes are calculated on your total income, not just your salary. This distinction is crucial for understanding your financial situation and tax obligations. Curious to learn more about how taxation works and how to manage it? Let’s chat! Drop your questions below!

0 replies3 likes

More like this

Recommendations from Medial

Image Description

Shubham Jain

Stealth • 3m

ITR Forms for Stock Market Income📈 A lot of people have been asking about which ITR form to use for stock market income. Here's a quick guide to clear up any confusion 👇 1. Salary + Capital Gains: ITR-2 2. Salary + Capital Gains + Intraday Tradi

See More
1 replies10 likes
3
Image Description
Image Description

Havish Gupta

Stealth • 9m

Many of you have know that only less than 5% population in india, pays taxes. But there is reason for it. According to this economic times report, only 1.8 crore people earn more than 5 lakhs annually (~2%). And if you earn less than 5 lakhs, you leg

See More
6 replies18 likes

Anomaly

Stealth • 8m

What are the best online ways to earn your first income in 1 to 10 K?

1 replies4 likes
Image Description
Image Description

Kalpesh Badgujar

Stealth • 4m

Budget in 1-line. 6 months of salary will go in taxes and rest 6 months in expenses! #budget2024 #india

14 replies89 likes
19

Arcane

Stealth • 3m

New Property Taxation Scenarios: 1) Modest Gains, High Burden 2004 Buy Price: ₹50 lakh 2024 Sell Price: ₹1.6 crore Old Taxation: ₹7,339 New Taxation: ₹13.75 lakh Your tax liability jumps from ₹7,339 to ₹13.75 lakh!!! 2) Moderate Gains, Heavier Lo

See More
0 replies5 likes
1
Image Description

Ashutosh Mishra

Stealth • 4m

Income Tax Old Regime vs New Regime All individuals should calculate their income according to both the old regime and the new regime. Thereafter, they should choose the scheme that results in lower taxes.

1 replies5 likes
Image Description

The Lokesh Act, 2002

Stealth • 3m

I have DSA which allows us to do finance business in which we can earn our profits by giving personal loans to customers which gives us a profit of average 2.50% of the Total loan amount.

6 replies13 likes
3
Image Description
Image Description

SHIV DIXIT

Stealth • 7m

What is your current salary and your job ?

2 replies7 likes
Image Description
Image Description

Hiral Jain

Stealth • 4m

Arey Mubarak Ho aapki lottery lagi hai, woh bhi 1cr kii!! We call this transfer payment in economics, it means the income that a person gets without providing service/goods. We all know that all of our income is calculated in national income irrespe

See More
4 replies12 likes
Image Description

Sahil Shaikh

Stealth • 6m

You don't necessarily have to be absolutely competent in solving customers' problems to earn a good amount of money; all you need is to be a little intelligent in understanding how the fundamentals of money and business work in relation to the custom

See More
1 replies3 likes

Download the medial app to read full posts, comements and news.