Net Paycheck Calculations

Net Paycheck Calculations

Assessment

Flashcard

Mathematics

12th Grade

Hard

CCSS
7.RP.A.3, 6.RP.A.3B, 6.RP.A.3D

+4

Standards-aligned

Created by

Wayground Content

FREE Resource

Student preview

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15 questions

Show all answers

1.

FLASHCARD QUESTION

Front

What is net pay?

Back

Net pay is the amount of money an employee takes home after all deductions, including taxes and other withholdings, have been subtracted from their gross pay.

Tags

CCSS.7.RP.A.3

2.

FLASHCARD QUESTION

Front

What are common deductions from gross pay?

Back

Common deductions include federal and state taxes, Social Security, Medicare, health insurance premiums, retirement contributions, and other voluntary deductions.

Tags

CCSS.6.RP.A.3B

3.

FLASHCARD QUESTION

Front

How do you calculate net pay?

Back

Net pay is calculated by subtracting total deductions from gross pay: Net Pay = Gross Pay - Total Deductions.

Tags

CCSS.6.RP.A.3D

4.

FLASHCARD QUESTION

Front

What is gross pay?

Back

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

Tags

CCSS.6.NS.B.3

5.

FLASHCARD QUESTION

Front

What is the purpose of withholding taxes?

Back

Withholding taxes are deducted from an employee's paycheck to cover their estimated tax liability for the year, ensuring that taxes are paid gradually throughout the year.

6.

FLASHCARD QUESTION

Front

What is the difference between federal and state taxes?

Back

Federal taxes are imposed by the national government, while state taxes are imposed by individual states. Both are deducted from an employee's paycheck.

7.

FLASHCARD QUESTION

Front

What is a pay stub?

Back

A pay stub is a document provided by an employer that outlines an employee's earnings, deductions, and net pay for a specific pay period.

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