Personal Finance Section 5.3
Prompt:
Explain the difference between take-home pay and gross pay. Then, imagine that you are a full-time employee in the career of your choice. Calculate the difference between your take-home pay and gross pay. Provide details.
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Gross pay is the set amount that your employer has decided to pay you due to your work or services, and take-home pay is the amount of money that left over after taxes and other deductions are taken out of the gross pay.
I plan to be an English teacher in France, and France typically takes about 30% out of your gross pay in the income bracket that I expect to be in for a teacher (21k-70k a year).
However, this sounds worse than it is, since you do not have to pay for healthcare and other services from the state.
So, for example, if I were to have a gross pay of 50,000 euros a year (about 55,000 USD) then my net pay would be about 35,000 euros ($38,500).
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