Your net income is the amount you’re paid after taxes and other deductions are taken out of your pay, and that’s the amount that goes into your bank account. Keep in mind that your gross monthly income is not the amount deposited into the bank. For example, if your salary is $4,000 per month, your gross monthly income is $4,000 per month. Your gross monthly income is the total amount you earn in a month. This could be determined by a salary, commissions, tips, or an hourly wage. Why is knowing your gross income important?Įvery month, you make a certain amount of money.How do you calculate gross monthly income?.
