With this in mind, base pay may only be one part of an employee’s total compensation. Annual income refers to the total amount of money an individual earns in a year, including salary, wages, bonuses, and any additional compensation or benefits. It can also include earnings from investments or secondary income sources. Understanding annual income is crucial for budgeting, tax planning, and financial forecasting. How to Calculate Total Annual Income for an Hourly Worker For example, earning money on a high-interest savings account is a type of income. In fact,…
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