Gross & Net Pay

Front

What is Gross Pay?

Back

Gross Pay is the total amount of money earned by an employee before any deductions such as taxes, insurance, or retirement contributions.

Front

What is Net Pay?

Back

Net Pay is the amount of money an employee takes home after all deductions have been subtracted from the Gross Pay.

Front

How many weeks are in a year?

Back

There are 52 weeks in a year.

Front

If you are paid weekly, how many times will you get paid in a year?

Back

You will get paid 52 times in a year.

Front

What is a health insurance premium deduction?

Back

A health insurance premium deduction is a flat rate amount deducted from an employee's paycheck to cover health insurance costs.

Front

How do you calculate Gross Pay from hourly wages?

Back

Gross Pay = Hourly Wage x Total Hours Worked.

Front

If Lucy earned $493 for the week plus $525 in tips, what is her Gross Pay?

Back

Lucy's Gross Pay is $1,018.

Front

What is a flat rate deduction?

Back

A flat rate deduction is a fixed amount that is subtracted from an employee's paycheck, regardless of their earnings.

Front

How do you calculate Net Pay?

Back

Net Pay = Gross Pay - Total Deductions.

Front

If you clocked in at 8:30am and worked until 4:00pm, how many hours did you work?

Back

You worked 7.5 hours.