Understanding Your Paycheck
A Grade 7 worksheet designed to help students understand the components of a paycheck, including gross pay, deductions, and net pay.
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Understanding Your Paycheck
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Date:
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Read each question carefully and answer to the best of your ability. Show your work where applicable.
Use the word bank to complete the sentences below:
1. The total amount of money an employee earns before any deductions is called .
2. Money taken out of your paycheck for things like federal income tax or health insurance are known as .
3. The amount of money an employee receives after all deductions have been taken out is called .
4. Mandatory payments to the government are called .
1. Which of the following is typically NOT a deduction from your paycheck?
Federal Taxes
State Taxes
Health Insurance
Lunch Money
2. If your gross pay is $500 and your deductions are $100, what is your net pay?
$600
$500
$400
$100
1. Sarah earns $15 per hour and worked 40 hours this week. Her total deductions were $120. What is Sarah's gross pay and net pay?
2. Mark's gross pay is $750. His deductions are 20% of his gross pay. Calculate Mark's total deductions and his net pay.
1. Gross pay is always less than net pay.
True
False
2. Deductions can include contributions to a retirement plan.
True
False