Net Income
Definition
Your income after all deductions, exemptions, and taxes have been subtracted. In a business context, net income is revenue minus all expenses, taxes, and costs. On a personal level, it's your take-home pay after all withholdings. Net income is different from AGI and taxable income—it represents what you actually keep.
Example
If your gross salary is $75,000, you pay $11,000 in federal/state taxes, $5,700 in FICA, and $3,000 in health insurance, your net income is approximately $55,300.