Your net income is based on your gross or pre-tax income and reflects your annual salary or based on hourly wages times the number of hours you worked.
Gross income consists of commissions earned and interest income from investments.
Deductions for taxes and pension and retirement accounts will be your net income for the year.
5. For Borrowing
Your bankers will want to review your financial statements, including an income statement with your earnings history and your net worth.