Gross vs Net Pay

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

Net Pay is...

• pay you get after deductions

• pay you get before deductions

• gross pay

• regular pay + overtime pay

__________ is time worked beyond the regular hours.

• Flextime
• Bonus
• Wage
• Overtime

Which tends to be a 'larger' amount of money? Gross or Net Pay?

• Gross Pay

• Net Pay

What does national insurance pay for?

• Healthcare and benefits like state pensions
• Private pensions
• Overseas aid
• Military weapons
• Venus

People who take out a student loan only have a deduction for this when

• They earn over a certain amount
• When they turn 21
• When they are unemployed
• When they have savings of more than £2,000 per annum

Which of these is not an additional payment contributing to gross pay?

• Overtime

• Allowances

• Bonuses

• Income Tax

Which of these is NOT a typical deduction from gross pay?

• National Insurance

• Pension Contributions

• Student Loan Repayments

• Income Tax

• Gas and Electricity Bills

Which of these do employers NOT contribute towards?

• Net Pay

• National Insurance Payments

• Income Tax Payments

• Pension Contributions