In this contract what does net of mean? is it the amount after or before taxes?
Award – Cash awarded to a Participant under the Program, net of all required federal and state withholding taxes, due to Corporate or Business Unit performance and results.
Also seen in the salary section: "Salary of $2,500 payed semimonthly net of all required withholding and remissions"
The reason I am asking is because I have never seen the net pay instead of gross pay on a contract for a new job. Will I get that amount on my bank or will taxes be deducted to this amount?