Grade 12 Income Calculation Worksheet
A Grade 12 math worksheet focusing on income calculation, including gross pay, net pay, deductions, and various income types.
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Grade 12 Income Calculation Worksheet
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Read each question carefully and provide the most accurate answer. Show all your work for calculations.
1. Income earned from a salary or hourly wage is referred to as income.
2. Money received from investments like stocks or bonds is known as income.
3. A payment made to an employee that is a percentage of sales is called a .
4. What is the main 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 includes bonuses, net pay does not.
Net pay includes overtime, gross pay does not.
5. Sarah earns an annual salary of $65,000. Her monthly deductions include $450 for federal income tax, $150 for state income tax, $80 for health insurance, and 6.2% for Social Security (on gross pay) and 1.45% for Medicare (on gross pay). Calculate her net monthly income.
6. A W-2 form is used to report an employee's annual wages and the amount of taxes withheld from their paycheck.
True
False
7. John works 40 hours a week at an hourly rate of $20. Any hours worked over 40 are paid at time-and-a-half. Last week, he worked 48 hours. Calculate his gross pay for the week.
Match each income type on the left with its description on the right.
8. Salary
a. Earnings based on a fixed amount per period.
9. Commission
b. Income from selling goods or services.
10. Dividend
c. Share of company profits paid to shareholders.
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