Answer :
The net income has increased by 56% from the prior year in terms of percentage. A company's net income is its profit following the deduction of all costs from sales.
Is net income what you get paid?
Gross income, which appears on your pay stub, is your entire income before taxes and other deductions. Your take-home pay, or the amount of money that is left over when taxes and taxation are withheld, is referred to as net income. Taxes, employer sponsored premiums, and pay escheatment are just a few examples of the net earnings deductions.
How do net income and gross income differ?
Before taxes, benefits, and other payroll deductions are taken out of an employee's paycheck, that amount is known as their gross pay. Net pay, often known as take-home pay, is the amount that is left after all withholdings have been taken into account.
Briefing:
Year-to-year change (%) = [(Current year's total - Prior year's total) ÷ Prior year's total] × 100
= [($578,600 − $372,000) ÷ $372,000] × 100
= 56%
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