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Net salary
The wage that the employee actually receives after income tax is deducted.
The net salary (i.e. free of social security contributions) is the wage that the employee actually receives after income tax is deducted. Think of it as ‘cash in hand’; what you end up with on your paycheck after everything is deducted.
Related Glossaries
W2
A W2 is a tax form used in the United States to report an employee’s annual wages and the taxes withheld from their paycheck.
Statutory Costs
Statutory costs refer to the expenses that a business is legally required to pay under national or regional laws and regulations.
MT103
An MT103 is a message type within the SWIFT system specifically designed for customer credit transfers.
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