Consumer Math: Paycheck Math

John, Sarah, Emily, Lily, Michael, and Ava are working part-time at a local cafe to earn some extra money. During their break, John asks, 'What is net pay?'

• Sarah says, 'Net pay is the total amount of money earned by an employee before deductions or taxes.'

• Emily says, 'Net pay is the amount of money earned by an employee after deductions or taxes.'

• John says, 'Net pay is the total amount of money earned by an employee before deductions or taxes.'

• Sarah corrects everyone, 'No, net pay is the total amount of money that an employee takes home after deductions or taxes.'

Tags

CCSS.7.EE.B.3

CCSS.7.NS.A.1

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Anika, Charlotte, and Elijah are learning about finances. They come across a term 'Net Pay'. What is the formula they should use to calculate Anika's net pay from her gross pay and deductions?

• Net Pay = Gross Pay - Deductions

• Net Pay = Gross Pay / Deductions

• Net Pay = Gross Pay * Deductions

• Net Pay = Gross Pay + Deductions

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CCSS.7.EE.B.3

CCSS.7.NS.A.1

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What is the purpose of payroll deductions?

• To increase the net income of an employee.

• To provide additional benefits to the employee.

• To cover certain expenses like taxes and insurance premiums.

• To reduce the company's tax liability.

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CCSS.7.RP.A.3

Benjamin worked overtime at his job. If he wants to calculate his overtime pay, which formula should he use?

• The formula for calculating overtime pay is total pay earned minus regular pay.

• The formula for calculating overtime pay is regular pay divided by the number of overtime hours worked.

• The formula for calculating overtime pay is the number of overtime hours worked multiplied by the overtime rate.

• The formula for calculating overtime pay is regular pay plus a fixed amount.

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CCSS.7.EE.B.3

CCSS.7.NS.A.3

What is the primary purpose of payroll taxes?

• To fund social security, Medicare, and other government programs.

• To fund infrastructure projects.

• To fund education programs.

• To fund healthcare programs.

Which of the following is not a payroll tax?

• property tax

• income tax

• excise tax

• sales tax

Luna has a gross pay of $5000 from her part-time job. Mason told her that the net pay is calculated after deducting taxes and other deductions. Aria gave her four options on how to calculate the net pay. Which one is correct?

• Net Pay = Gross Pay - Deductions

• Net Pay = Gross Pay + Deductions

• Net Pay = Gross Pay * Deductions

• Net Pay = Gross Pay / Deductions

Tags

CCSS.7.NS.A.1

CCSS.7.NS.A.3

Kai, Abigail, and Samuel are working in a company. They noticed that their gross pay and net pay are different. What is the main reason for this difference?

• The company is implementing payroll deductions to accurately determine an employee's net pay.

• The company is implementing payroll deductions to increase its revenue.

• The company is implementing payroll deductions to provide extra income to the employee.

• The company is implementing payroll deductions to reduce the employee's workload.

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CCSS.7.EE.B.3

CCSS.7.NS.A.1

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CCSS.7.RP.A.3

Isla just received her first paycheck from her part-time job. She noticed that the amount she received is less than the total hours she worked multiplied by her hourly rate. Emma explained to her that this is because of certain deductions. In this context, what does 'Net Pay' refer to?

• The amount of money Isla earned before any deductions were made.

• The amount of money Isla received after deductions were subtracted.

• The amount of money Isla earned for working overtime.

• The amount of money Isla earned for regular hours of work.

Oliver just started his first job and received his first paycheck. He noticed a document attached to his paycheck. What does this document, often referred to as a pay stub, represent?

• A document showing the amount of money earned and the types of deductions and amounts withheld from Oliver's paycheck.

• The amount of money left after taxes have been deducted that Oliver can spend as he wishes.

• The amount of money Oliver earns after deductions are subtracted.

• The time worked beyond Oliver's regular hours.