Grade 11 Income Calculation Worksheet
This worksheet focuses on calculating various types of income, deductions, and net pay for Grade 11 students, covering key financial literacy concepts.
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Income Calculation Worksheet
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Date:
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Read each question carefully and provide accurate calculations. Show your work where necessary.
1. Gross pay is best defined as:
The amount received after deductions.
Total earnings before any deductions.
Income after federal taxes only.
Hourly wage multiplied by hours worked.
2. Which of the following is NOT typically a mandatory payroll deduction?
Federal Income Tax
Social Security Tax
Health Insurance Premiums
Medicare Tax
3. The amount of income tax withheld from an employee's pay is determined by their W-4 form and the .
4. If an employee earns a fixed amount each pay period, regardless of hours worked, they are typically paid a .
5. Sarah works 40 hours a week at an hourly rate of $18.50. Her mandatory deductions include Federal Income Tax (15%), State Income Tax (5%), Social Security (6.2%), and Medicare (1.45%). Calculate her gross weekly pay and her net weekly pay. Show your work.
6. Explain the difference between 'gross income' and 'taxable income'.
7. A higher number of allowances claimed on a W-4 form will result in more federal income tax being withheld from each paycheck.
True
False
8. Commission is a form of income that is a percentage of sales made.
True
False
Match the term with its definition.
9. Net Pay
a. Total earnings before deductions
10. Gross Pay
b. Amount after all deductions
11. Deduction
c. Money withheld from pay for taxes, benefits, etc.
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