Gross vs Net Income AND Income vs Payroll Tax

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

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.EE.B.4

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.

Tyrone works 20 hours a week at Sonic. He earns $9 an hour. Which statement is true?

• His net income is more than $180.

  
  

• His net income is less than $180.

  
  

• His gross income is less than $180.

  
  

• His gross income is more than $180.

  
  

Tags

CCSS.7.EE.B.3

CCSS.7.EE.B.4

CCSS.7.NS.A.2

CCSS.7.NS.A.3

Gross income minus deductions equals your net income.

If Amorelle made $384 in gross income and her deductions are $122, what is her net income?

• $506

• $406

• $262

• $266

Tags

CCSS.7.NS.A.1

CCSS.7.NS.A.3