Paycheck Math

Front

What figure should you use to predict how much money you have to spend when making a budget?

Back

Net pay is the amount of money you take home after deductions, and it is the figure used for budgeting.

Front

What does SSN stand for?

Back

SSN stands for Social Security Number.

Front

Are deductions added or subtracted from income?

Back

Deductions are subtracted from income.

Front

If Mya's net pay is $525/week and her gross pay is $700, how much money is deducted from her paycheck each week?

Back

$175 is deducted from her paycheck each week.

Front

How do you calculate net pay?

Back

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

Front

What is gross pay?

Back

Gross pay is the total amount earned before any deductions are taken out.

Front

What are common deductions from a paycheck?

Back

Common deductions include taxes, health insurance, retirement contributions, and Social Security.

Front

If Ruth earns $13.25/hour and works 40 hours/week, what is her gross pay?

Back

Ruth's gross pay is $530 per week (13.25 * 40).

Front

What is the formula to calculate deductions?

Back

Deductions = Gross Pay - Net Pay.

Front

What is the importance of understanding paycheck math?

Back

Understanding paycheck math helps individuals manage their finances, budget effectively, and plan for expenses.