WorksheetsUnderstanding Your Paycheck: Gross Pay vs. Net Pay
Total questions: 17
Worksheet time: 9mins
What is the main topic of the lesson shown in the image?
Understanding Your Paycheck: Gross Pay vs. Net Pay
How to Write a Check
Saving Money for the Future
Investing in the Stock Market
Which of the following best defines gross pay?
The amount earned after taxes and deductions are taken out
The full amount earned before any deductions
The amount paid only on a monthly basis
The amount paid only after bonuses are added
Which of the following is a source of employment where you work for someone else?
You are self employed
You are hired by a business or employer
You volunteer for a charity
You work for free
Which of the following is NOT a feature of hourly pay?
Eligible for overtime pay
Paid a set amount each check regardless of hours worked
Minimum wage applies
Only paid for the hours worked
Which pay schedule results in the highest number of pay periods in a year?
Weekly
Bi-Weekly
Semi-Monthly
Monthly
Anika just started a new job and her employer offers to pay her through direct deposit. Which of the following is a benefit Anika will experience by choosing direct deposit for her paycheck?
You must go to your depository institution to deposit the check
Money is deposited directly into your checking or savings account
You receive your paycheck only on payday
You do not receive a paystub
Which of the following is taken out of your paycheck as a deduction?
Taxes
Bonuses
Overtime pay
Tips
What is net pay?
The amount of money you take home after taxes and deductions.
Your total income before taxes and deductions.
The amount of money you earn from investments.
The amount of money you save each month.
Which best explains the difference between gross pay and net pay?
Gross pay is after deductions, net pay is before deductions.
Gross pay is before deductions, net pay is after deductions.
Gross pay and net pay are the same.
Gross pay is only for part-time workers, net pay is for full-time workers.
What is the formula for calculating net pay?
Gross Pay + Deductions = Net Pay
Gross Pay - Deductions = Net Pay
Net Pay - Gross Pay = Deductions
Deductions - Gross Pay = Net Pay
If an employee's gross pay is $2,000 and their total deductions are $500, what is their net pay?
$2,500
$1,500
$500
$1,000
A worker notices deductions for Social Security, Medicare, and federal income tax on their paycheck. What type of deductions are these?
Voluntary deductions
Pre-tax deductions
Mandatory deductions
Post-tax deductions
What percentage of your earnings do you contribute to Social Security as an employee?
1.45%
6.2%
10%
2.5%
What percentage of your earnings do you contribute to Medicare as an employee?
1.45%
6.2%
7.65%
2.5%
What is included in mandatory payroll deductions according to the learning material?
Only health insurance premiums
Only retirement contributions
Federal and state income tax withholding
Only Social Security tax
What determines how much will be withheld from your paycheck for income tax?
The number of hours you work each week
The number of exemptions you list on your W-4 Form
The amount of overtime you work
The type of job you have
Which of the following is considered an voluntary deduction from an employee's paycheck?
Federal income tax
Health Insurance Premiums
Social Security tax
State unemployment tax
