Paychecks

Front

What is gross income?

Back

Gross income is the total amount of money earned before any deductions are taken out.

Front

What is net income?

Back

Net income is the amount of money you take home after deductions are taken out.

Front

How do you calculate gross income?

Back

Gross income is calculated by multiplying the number of hours worked by the hourly wage.

Tags

CCSS.7.EE.B.3

Front

If you work 20 hours at $12.00 per hour, what is your gross income?

Back

Your gross income would be $240.00.

Tags

CCSS.7.EE.B.3

Front

What is the difference between gross income and net income?

Back

Gross income is the total earnings before deductions, while net income is the earnings after deductions.

Front

What is the term for money earned from work?

Back

The money earned from work is called income.

Tags

CCSS.RI.3.3

CCSS.RI.3.5

CCSS.RI.4.3

CCSS.RI.4.5

CCSS.RI.5.3

Front

If you work 15 hours at $10.50 per hour, what is your gross income?

Back

Your gross income would be $157.50.

Tags

CCSS.7.EE.B.3

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What are deductions?

Back

Deductions are amounts taken out of your gross income for taxes, insurance, and other expenses.

Front

Why is it important to understand the difference between gross and net income?

Back

Understanding the difference helps individuals manage their finances and budget effectively.

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What factors can affect your net income?

Back

Factors that can affect net income include tax rates, benefits, and other deductions.