Income refers to the money that a company or person receives over a certain period of time. Can you explain the difference between gross income and net income? Please provide your answer in no more than 5 sentences, and ensure your answer is written in markdown format.
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Gross income, for an individual, is the total pay before any deductions, or for a company, it's the revenue minus the cost of goods sold. Net income, on the other hand, is the total income after all deductions have been made, such as taxes, insurance, and other expenses. Essentially, gross income shows the overall earning potential, while net income reflects the actual take-home pay or profit. The difference between the two highlights the impact of various financial obligations and expenses on the final earnings.
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