Gross pay/Net pay

Front

What is gross pay?

Back

Gross pay is the total amount of money earned by an employee before any deductions are taken out.

Front

How do you calculate net pay?

Back

Net pay is calculated by subtracting total deductions from gross pay.

Front

If Yvonne's gross pay is $703 and her deductions are $251.18, what is her net pay?

Back

Yvonne's net pay is $451.82.

Front

What percentage of Josephine's gross pay is deducted if she makes $875 and the government takes 12%?

Back

$105 is deducted from Josephine's gross pay.

Front

How much is deducted from Samantha's gross pay of $1218 if the deduction rate is 15%?

Back

$182.70 is deducted from Samantha's gross pay.

Front

What is the formula to calculate deductions based on a percentage?

Back

Deductions = Gross Pay x Deduction Rate.

Front

What is the difference between gross pay and net pay?

Back

Gross pay is the total earnings before deductions, while net pay is the amount received after deductions.

Front

If Harry has a gross pay of $1564 and $283 in deductions, what is his net pay?

Back

Harry's net pay is $1281.

Front

What does a deduction rate of 12% mean?

Back

A deduction rate of 12% means that 12% of the gross pay will be taken out as deductions.

Front

What is the significance of understanding gross pay and net pay in personal finance?

Back

Understanding gross pay and net pay is crucial for budgeting, financial planning, and understanding take-home income.