Understanding Your Paycheck
A Grade 11 math worksheet focused on understanding the components of a paycheck, including gross pay, deductions, and net pay.
Includes
Standards
Understanding Your Paycheck
Name:
Date:
Score:
Read each question carefully and provide your best answer. Show all your work for calculations.
1. Your total earnings before any deductions are taken out is called your .
2. The amount of money you take home after all deductions is your .
3. Mandatory deductions from your paycheck include federal income tax, state income tax, and .
1. Which of the following is NOT a common voluntary deduction from a paycheck?
Health Insurance Premiums
401(k) Contributions
Social Security Tax
Union Dues
2. If your gross pay is $2,500 and your total deductions are $750, what is your net pay?
$1,750
$2,500
$3,250
$750
1. Sarah earns an hourly wage of $18.50 and worked 40 hours last week. Her deductions were federal tax ($150), state tax ($45), and health insurance ($30). Calculate her gross pay and net pay.
Gross Pay Calculation:
Net Pay Calculation:
1. Gross pay is always less than net pay.
True
False
2. Social Security and Medicare taxes are typically withheld from most paychecks.
True
False
1. Explain why understanding your paycheck is important for personal financial planning.