5.10B

Front

What is Gross Income?

Back

Gross income is the amount of income before taxes are paid.

Front

What is Net Income?

Back

Net income is the amount of income after taxes are paid.

Front

How do you calculate Net Income?

Back

Net Income = Gross Income - Deductions.

Tags

CCSS.7.RP.A.3

Front

If Jeremy worked 40 hours at $12 per hour, what is his Gross Income?

Back

$480.00

Tags

CCSS.7.EE.B.3

Front

What are deductions?

Back

Deductions are amounts taken out of your gross income, such as taxes.

Front

If Leon earns $15 per hour and works 40 hours, what is his Gross Income?

Back

$600.00

Tags

CCSS.7.EE.B.3

Front

What is the formula to find Gross Income?

Back

Gross Income = Hourly Rate x Hours Worked.

Front

If Jeremy's deductions are $43.68, what is his Net Income?

Back

$436.32

Tags

CCSS.7.EE.B.3

Front

What does it mean if someone has a high Gross Income?

Back

It means they earn a lot of money before any deductions.

Front

If a person has a Net Income of $500, what can you infer about their Gross Income?

Back

Their Gross Income is higher than $500, as deductions are taken out.