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Sairaj Kadam

Stealth • 1m

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!

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