Calculating net income
Flashcard
•
Mathematics
•
9th - 12th Grade
•
Hard
Wayground Content
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15 questions
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1.
FLASHCARD QUESTION
Front
What is net income?
Back
Net income is the amount of money that remains after all expenses, taxes, and deductions have been subtracted from total income.
2.
FLASHCARD QUESTION
Front
How do you calculate net income?
Back
Net Income = Total Income - Total Expenses
3.
FLASHCARD QUESTION
Front
If a person has an annual income of $120,000 and expenses of $90,000, what is their net income?
Back
$30,000
4.
FLASHCARD QUESTION
Front
What percentage is typically withheld for Social Security?
Back
6.2% of gross income.
5.
FLASHCARD QUESTION
Front
What is the purpose of payroll deductions?
Back
To cover certain expenses like taxes and insurance premiums.
6.
FLASHCARD QUESTION
Front
What is Federal Income Tax?
Back
Federal Income Tax is a tax required by law to be withheld from your paycheck and is managed by the IRS.
7.
FLASHCARD QUESTION
Front
What are deductions in the context of income tax?
Back
Deductions are amounts that reduce taxable income, which can lower the overall tax liability.
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