Substracting total expenses from total income, Kayciea's net income is 1,195 dollars.
Individuals' total income, also known as gross income, consists of earnings and salaries, as well as various sources of income such as pensions, interest from a savings account, dividends, and rental revenue.
Net income for an individual is the entire residual amount of money remaining after all personal expenses have been paid. Personal net income is computed by subtracting total income collected from total personal expenses.
Net income = Total income - Total expenses.
Information from the problem:
Total income = 2,700 dollars
Total expenses = 1,505 dollars
Apply the formula:
Net income = 2,700 dollars - 1,505 dollars
= 1,195 dollars.
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