What term describes the amount of pay received after all deductions have been taken out?

The term that describes the amount of pay received after all deductions have been taken out is net income. This figure represents the actual earnings an individual takes home after taxes, benefits, and other withholdings are subtracted from their gross income. Understanding net income is crucial for personal finance management, as it reflects the real monetary amount available for spending, saving, or investing.

Gross income, in contrast, refers to the total earnings before any deductions, which does not give a clear picture of take-home pay. Taxable income is the portion of income that is subject to taxes after certain deductions and exemptions; it does not represent the final amount received. Base salary typically refers to the fixed amount of compensation received before any bonuses or additional earnings but does not account for deductions or total take-home pay. Hence, net income is accurately used to denote the final pay amount available to the employee.