Gross Income Vs. Net Income

A deduction is

• gross income

• money added to your income

• net income

• money taken out of your income

Gross income is:

• the total amount of money you earn

• the amount of money you receive after decuctions are subtracted

• the total amount of money you spend

• sales taxes on items you buy

Tags

CCSS.7.EE.B.3

CCSS.7.NS.A.3

Net income is:

• the total amount of money you earn

• the amount of money you receive after deductions are subtracted from your gross income

• the amount of money that is taken away in the form of taxes

• the hourly rate of pay

Tags

CCSS.7.EE.B.3

CCSS.7.NS.A.1

CCSS.7.NS.A.3

CCSS.7.RP.A.3

Marco has the following deductions listed.

Federal Income tax: $44

Social Security tax: $23

Medicare tax: $5

Health Insurance: $24

What is the total amount of his deductions?

• $39

• $67

• $91

• $96

Tags

CCSS.7.EE.B.3

CCSS.7.NS.A.3

David's gross income: $127.25

David's deductions: $25.20

David's net pay: ?

• $102.05

• $102.45

• $112.05

• $152.45

Tags

CCSS.7.EE.B.3

CCSS.7.NS.A.1

CCSS.7.NS.A.3

Net Income is?

• After Tax

• Before Tax

• Sales Tax

• Property Tax

Yvonne's gross income: ?

Yvonne's payroll deductions: $251.18

Yvonne's net income:$451.82

HINT: Work backwards

• $703

• $200.64

• $954.18

• $25,812.00

Tags

CCSS.7.EE.B.3

CCSS.7.EE.B.4

CCSS.7.NS.A.1

CCSS.7.NS.A.3

Angel wants to buy a football jersey that cost $84.

He gets a job that pays him $15 an hour. He worked seven hours and was paid. After calculating his gross pay, does Angel have enough money to pay for the jersey if his total deductions was $12?

• Yes

• No

Tags

CCSS.7.EE.B.3

CCSS.7.NS.A.1

CCSS.7.NS.A.3

Adam earns $13 for each lawn that he mows. He mows 37 lawns per month. Which statement about his monthly income is true?

• His net income is more than $481.

• His gross income is less than $481.

• His net income is exactly $481.

• His gross income is exactly $481.

Tags

CCSS.7.EE.B.3

CCSS.7.NS.A.2

CCSS.7.NS.A.3

Which of these statements about gross income and net income is true?

• Gross income is a tax on all income that a worker earns, and net income is a tax paid by an employer based on a worker’s wages.

• Gross income is a tax paid by an employer based on a worker’s wages. and net income is a tax on all income that a person earns.

• Gross income is the amount an employee is paid after deductions and taxes, and net income is the total amount an employee earns before deductions are applied.

• Gross income is the amount an employee earns before deductions are applied, and net income is the amount an employee is paid after deductions and taxes.