Your Take Home Pay

The amount of money you get in your paycheck after taxes are taken out is called

• Withholdings
• Benefit pay
• Take-home pay
• Gross Income

Money which is taken out for taxes is called

• Withholding
• Employee benefits
• Take-home pay
• Net pay

The amount of money a person actually earns before taxes are taken out of

the pay is called

Jerry made this list of monthly expenses.

Jerry's net income for the month is $2,135. How much money does he have for other

expenses?

• $510

• $1,625

• $3,760

• $1,510

This income is what you get to take home after taxes have been deducted from your paycheck.

• Gross Income

• Wages

• Earnings

• Net Income

Roads, police, schools, governmental agencies, fire and emergency services are funded by taxes.

• True

• False

Louis's dad pays a tax to the federal government each year based off the money he earns from his business. What type of tax is Louis' dad paying?

• Payroll tax

• Sales tax

• Property tax

• Income tax

Also known as your take home pay.

• Salary

• Gross pay

• Net pay

• Withholdings

These taxes come out of a person's paycheck and is meant to help people once they retire.

• 401k

• Social security tax

• Unemployment taxes

• Payroll deductions

This tax form is received when you start a new job. It determines how much money gets taken out of each paycheck.

• W-4

• W-2

• 1099

• 1040