Paycheck Math 1st Block

Front

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 their gross pay.

Front

What is gross pay?

Back

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

Front

How do you calculate deductions from a paycheck?

Back

Deductions can be calculated by subtracting net pay from gross pay.

Front

If Mya's gross pay is $700 and her net pay is $525, how much is deducted?

Back

$175 is deducted from Mya's paycheck.

Front

What does YTD stand for in payroll?

Back

YTD stands for Year to Date, which refers to the period from the beginning of the year to the current date.

Front

What is FICA tax?

Back

FICA tax is a federal payroll tax that helps fund Social Security and Medicare.

Front

What are the two main components of FICA tax?

Back

The two main components of FICA tax are Social Security tax and Medicare tax.

Front

What is the purpose of tax money collected by the federal government?

Back

Tax money is used for various purposes, including environmental protection, defense and security, and paying interest on the national debt.

Front

If Sam's net pay is $425 and her deductions are $112, what is her gross pay?

Back

Sam's gross pay is $537.

Front

What is the formula to find gross pay if you know net pay and deductions?

Back

Gross Pay = Net Pay + Deductions.