In two to three sentences, explain the difference between gross pay and net pay

Net pay is often referred to as 'take-home pay' as it is the amount the receiver of the salary is left with after deductions such as taxes and other voluntary cuts. Gross pay is the amount that the employer would disburse to the employee.

Let us assume A makes $60,000 a year. This is the gross pay.

Taxes and other deductions are $4,000 a year.

This means that in a year, A can only spend $56,000. This is called net pay.

Gross pay - deductions = net pay

answer; /// i believe the correct answer to the above question is(200 pounds); /good luck

answer; is usually (less than) the socially optimal level of consumption;