Gross vs Net Income

Mod 4 Lesson: Gross vs. Net Income

You Need:

• Journal, Pencil + CHROMEBOOK

• Take Your Seat

• Sign Into Joinmyquiz.com

• Start on DO NOW!

​Why?

Dropdown

​

Select answer

is correct because, ​

Select answer

Gross vs. Net Income

Money you receive AFTER taxes and deductions are taken out. Often known as your take-home money or salary.

Net Income

Money you earn BEFORE taxes and deductions are taken out. Often known as your earnings, wage or salary.

Gross Income

Multiple Select

What does "Taxes and Deductions" mean?

Select TWO!

• This is money that you earn over time

• It is a fee or bill

• This is money that is taken OUT of your money to the government

• It is what adults call winning the lottery!

Categorize

Options (10)

Earnings

Wage

Take-Home Amount

Actual Amount

Salary

Before Taxes

After Taxes

Final Pay

Profit

Hourly Amount

Sort the key words to the correct income

Gross Income

Net Income

Teacher Model ~ Copy work in Booklet

Martin works at an amusement park. His gross income is $680 each month. The pay stub below shows his weekly tax deductions.










What is Martin's NET INCOME?

Amiya is paid $12 an hour at her job. She worked 22 hours that week.
What is her gross income? How does her Net Income compare?

Her gross income is __________, and her net income will be ________ because of ________________________.

TURN N' TALK with Group . . .

Multiple Choice

GUIDED PRACTICE [with the group]: Amiya is paid $12 an hour at her job. She worked 22 hours that week. Which statement about her weekly income is true?

• Her net income is less than $264.

• Her gross income is less than $264.

• Her gross income is more than $264

• Her net income is more than $264

Multiple Choice

Roberto works at a restaurant for 25 hours a week and is paid $19 an hour. Which statement about his weekly income is true?

• Net Income = $475, & Gross income is less than $475.

• Net Income = $475, & gross income is greater than $475.

• Gross Income = $475, & net income is less than $475.

• Gross Income = $475, & net income is greater than $475.

Dropdown

Ms. Torres earns $5,750 each month. After taxes are taken out, the amount of money in her paycheck is $4,628. Complete the statements below:



Ms. Torres’s ​

Select answer

income is $5.750, because that is the amount she earns ​

Select answer

taxes and deductions are applied.



Ms. Torres’s ​

Select answer

income is $4,638, because that is the amount she is paid ​

Select answer

taxes and dedications are applied

Multiple Choice

The information that comes with an employee’s paycheck is shown. Which of the values represents the employee’s net income?

• $700.00

• $90.33

• $534.42

• $75.25

Hotspot

The information that comes with an employee’s paycheck is shown. Click the number that represents the Employee's NET INCOME.

Multiple Choice

A business owner receives a check from a customer for $5,000 for completing a renovation.

•They must pay their employees $1,250 for their work.

•There was also $567.50 used for expenses during the project.

What is the business owner's NET income/profit from the project?

• $6,817.50

• $3,182.50

• $4,317.50

• Not Here

Drag and Drop

Make a statement about Charlotte's NET income:

Charlotte works 15 hours a week for $8 an hour at Hollister.



Charlotte's ​

Placeholder

is ​​

Placeholder

Drag these tiles and drop them in the correct blank above

net income

gross income

more than $120

less than $120

exactly $120

Fill in the Blanks

Gross income is the money you make

taxes and deductions are taken out.

Fill in the Blanks

Net income will ALWAYS be

than Gross Income because it is the amount you are given AFTER money is taken away for taxes and deductions.

Dropdown

EXIT TICKET: Emilia receives her first paycheck from a new job. Her monthly salary is $2,000. Her paycheck is only $1,678.35. Why is Emilia's paycheck less than her salary?



Emilia's gross income is ​

Select answer

which is ​

Select answer

. Her net income is ​

Select answer

​ which is ​

Select answer

. The Net income will always be ​

Select answer

her gross income.