Gross & Net Pay

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What is Gross Pay?

Back

Gross Pay is the total amount of money earned by an employee before any deductions are made.

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CCSS.7.RP.A.3

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What is Net Pay?

Back

Net Pay is the amount of money an employee takes home after all deductions (like taxes and benefits) have been subtracted from Gross Pay.

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CCSS.7.RP.A.3

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How do you calculate Gross Pay for hourly workers?

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Gross Pay = Hourly Rate x Total Hours Worked.

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CCSS.7.EE.B.3

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What is Overtime Pay?

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Overtime Pay is the pay received for hours worked beyond the standard workweek, typically calculated at a higher rate.

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If an employee works 40 hours a week, how many hours are considered Overtime?

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Any hours worked over 40 in a week are considered Overtime.

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CCSS.7.EE.B.3

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What is the formula to calculate Overtime Pay?

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Overtime Pay = Overtime Hours x Overtime Rate.

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CCSS.7.EE.B.3

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What does it mean to be paid Biweekly?

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Being paid Biweekly means receiving a paycheck every two weeks, resulting in 26 paychecks per year.

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CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.8.3

CCSS.RI.9-10.3

CCSS.RI.9-10.5

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

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$1,018.

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CCSS.2.NBT.B.7

CCSS.3.NBT.A.2

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If Joe worked 35 hours at $17.25 per hour, what is his Gross Pay?

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$603.75.

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CCSS.7.EE.B.3

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What are common deductions from Gross Pay?

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Common deductions include federal and state taxes, Social Security, Medicare, and health insurance premiums.