Financial Literacy Task Cards

Fatima has a net salary of $235 per week. If she pays $30 in income tax and $15 in payroll tax, how could Fatima determine her gross salary? Why?

• 235 - 30 - 15 = $190.

  Net salary minus all deductions equals gross salary

• 235 + 15 + $250.

  Net salary plus payroll tax deductions equals gross salary.

• 235 + 30 = $265

  Net salary plus income tax deductions equals gross salary.

• 235 + 30 + 15

  Net salary plus deductions equals gross salary.

Joseph was offered a job with a salary of $500 a week. When he received his first paycheck, he saw that the amount was $412. Based on the is information, which of the following explains the reason for the difference from $500 to $412 in Joseph's paycheck?

• His gross income was $412, but his net income was $500 because he paid taxes from his salary.

• His gross income was $500, but his net income was $412 because he paid taxes from his salary.

• His gross income was $500, but he only kept $412 after he paid his rent.

• His gross income was $412 because he did not work the entire week.

Brooke's gross monthly income is $1,200. Her total monthly taxes are $175. What is the amount of Brooke's net monthly income?

• $1,375

• $700

• $1,025

• $500

The table shows the gross income and payroll tax for the Todd family for one week. What is the net income for the Todd family for one week?

• $1,285.01

• $1,264.95

• $1,315.76

• $1,265.01

Nathan worked 45 hours last week. His pay was $20 per hour for 35 hours and $30 per hour for any time after $35 hours. What was Nathan's gross income for last week if the earnings from this job are his only source of income?

• $1,000

• $900

• $1,350

• $700

Emily works at an ice cream shop. In the last four weeks, her gross income was $120.75, $118.50, $99.75 and $115.75. Her total payroll tax was $59.70. How can Emily find her net income for the four weeks?

• Fine the sum of the gross income, then add the payroll tax.

• Add $59.70 to each of the gross incomes, then add the sums.

• Find the sum fo the gross incomes.

• Find the sum of the gross incomes, then subtract the payroll tax.

The paystub above shows Elliot's weekly net income and payroll taxes. What is Elliot's weekly gross income?

• $529.95

• $487.74

• $317.55

• $465.95

Jake's gross income last month was $2,984.45. He paid $442.45 in payroll tax for the month. How can you find Jake's net income for one week if there were four weeks in the month?

• Add the payroll tax to the gross income and multiply by 4.

• Subtract the payroll tax from the gross income and multiply by 4.

• Add the payroll tax to the gross income and divide by 4.

• Subtract the payroll tax from the gross income and divide by 4.

The paystub above shows an employees weekly gross income and payroll taxes. What is this employees weekly net income?

• $750.53

• $609.47

• $703.47

• $633.00

Kennedy's net monthly income is $2,100. She only pays $450 each month income tax. Only income tax is taken out of her check. What is her gross monthly income?

• $2,100

• $900

• $1,650

• $2,550