Paycheck Vocabulary
How much a person earns for every hour worked (per hour)
Hourly Pay
Kate worked from 4:00 pm to 8:00 pm on Monday, Wednesday, and Friday. How many hours did she work?
4 hours X 3 days = 12 hours
Name three things our tax dollars are used to cover.
Government Debt, Social Security, Medicare, Other Health Care, National Defense, Veterans Benefits, Safety Net Programs, Education, Infrastructure, and Salaries & Wages
Taxes are an example of a what?
Deduction
Chris worked 2 hours Monday through Friday. On Saturday, he worked 8 hours. How many hours did he work?
2 hours X 5 days = 10 hours
10 hours + 8 hours = 18 hours
What percent of an individual's paycheck is deducted?
23%
Money taken out of a person's paycheck.
Deductions
Chloe worked for 24 hours. She earned $7.25 an hour. What was her gross pay?
24 hours X $7.25 = $174.00
What are the three methods employers use to pay employees?
Paycheck, Direct Deposit, Payroll Card
How much money a person takes home after deductions.
Net Pay
12 hours X $8.00 = $96.00
What is the name of the taxes that take a larger percentage of income from high income taxpayers?
Progressive Taxes
How much is actually earned before deductions are taken out of the paycheck.
Gross Pay
Levi grossed $137.75 this pay period. He earns $7.25 an hour. How many hours did he work?
$137.75/$7.25= 19 hours
What is the name of the type of taxes that as income rises, the taxes remain the same or decrease.
Regressive Taxes