Income and Income Taxes

Front

What is gross pay?

Back

Gross pay is the total amount of money earned before any deductions, such as taxes or insurance.

Front

How do you calculate gross pay?

Back

Gross pay is calculated by multiplying the hourly wage by the number of hours worked.

Front

If you earn $9.50 an hour and work 15 hours, what is your gross pay?

Back

$142.50

Front

What is net pay?

Back

Net pay is the amount of money you take home after all deductions have been made from your gross pay.

Front

How do you calculate net pay?

Back

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

Front

If your gross pay is $400 and your tax rate is 15%, what is your net pay?

Back

$340.00

Front

What is a deduction?

Back

A deduction is an amount of money that is subtracted from your gross pay, such as taxes or health insurance.

Front

If your gross income is $550 and your deductions total $132.50, what is your net income?

Back

$417.50

Front

What is an income tax?

Back

Income tax is a tax imposed on individuals or entities based on their income or profits.

Front

If you make $9.00 an hour and work 20 hours, what is your gross pay?

Back

$180.00