Understanding Net Pay
A worksheet for Grade 11 students to understand and calculate net pay, including deductions and gross pay.
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Understanding Net Pay
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Read each question carefully and provide your answers in the spaces provided. Show all your work for calculation questions.
Complete the sentences below with the correct financial literacy terms.
1. is the total amount of money an employee earns before any deductions are made.
2. The amount of money an employee takes home after all deductions is called .
3. Mandatory subtractions from an employee's gross pay, such as taxes, are known as .
4. Social Security and Medicare taxes are examples of deductions.
1. Which of the following is NOT typically considered a deduction from gross pay?
Federal Income Tax
Health Insurance Premiums
Loan Repayments to a Bank
State Income Tax
2. If an employee's gross pay is $2,500 and their total deductions are $750, what is their net pay?
$1,750
$2,500
$3,250
$750
1. Sarah earns an hourly wage of $18.50 and works 40 hours per week. Her weekly deductions are $120 for federal taxes, $45 for state taxes, and $30 for health insurance. Calculate Sarah's weekly gross pay and net pay.
2. David's bi-weekly gross pay is $1,800. His deductions are as follows: 15% for federal income tax, 5% for state income tax, and $50 for a 401(k) contribution. What is David's bi-weekly net pay?
Indicate whether each statement is True or False.
1. Gross pay is always less than net pay.
True
False
2. FICA taxes include contributions to Social Security and Medicare.
True
False
Think about how net pay affects your personal finances.
1. Explain why understanding the difference between gross pay and net pay is important for personal financial planning.
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