Accounting

Net income is calculated by subtracting all expenses, including operating costs, taxes, and interest, from total revenue. The formula is:

Net Income = Total Revenue – Total Expenses.

This gives you the profit remaining after covering all costs associated with running your business

How Do Tax Brackets Work?
Tax brackets divide taxable income into ranges, each taxed at a specific rate. The U.S. uses a progressive system, meaning higher income levels are taxed at higher rates. However, only the income within each bracket is taxed at its corresponding rate.

Payroll refers to the process of paying employees, including calculating wages, withholding taxes, and distributing payments. It also involves compliance with labor laws and tax regulations.