Paychecks

Front

What is Gross Income?

Back

Gross Income is the total amount of money earned before any deductions are taken out.

Front

How do you calculate Gross Income?

Back

Gross Income = Hours Worked x Hourly Rate

Front

What is Net Income?

Back

Net Income is the amount of money you take home after deductions are subtracted from your gross income.

Front

How do you calculate Net Income?

Back

Net Income = Gross Income - Deductions

Front

What are Deductions?

Back

Deductions are amounts taken out of your paycheck for taxes, insurance, and other expenses.

Front

If your gross pay is $150.00 and your total deductions are $40.00, how much is your net income?

Back

Net Income = $150.00 - $40.00 = $110.00

Front

If you work 15 hours at $10.50 an hour, what is your gross income?

Back

Gross Income = 15 hours x $10.50/hour = $157.50

Front

What is the formula to calculate deductions?

Back

Deductions can vary, but they are typically a percentage of your gross income.

Front

What is Hourly Rate?

Back

Hourly Rate is the amount of money you earn for each hour of work.

Front

If you earn $12.00 an hour and work 20 hours, what is your gross income?

Back

Gross Income = 20 hours x $12.00/hour = $240.00