Types of Income
What type of income is paid a set rate for every hour worked?
Hourly
What is gross pay?
The total amount earned before deductions
Gross Pay: $500. Federal Tax: $50. State Tax: $15. FICA: $35. What is Net Pay?
$400
What state does Mr. K live in?
Connecticut
What type of income is paid the same amount every pay period no matter how many hours you work?
Salary
What is net pay?
The amount you take home after deductions
If your regular rate is $12/hour, what is your overtime rate?
$18/hour
Mini Game!
COSTCODLE
A dog walker who gets paid per walk has what type of income?
Gig
Which of these is typically deducted from a paycheck?
A. Money for Groceries
B. Federal income tax
C. Your savings account interest
D. Payment for your house
B. Federal income tax
You earn $10/hour and work 44 hours. What is your total pay?
Regular Pay: $10 x 40 hours = $400
Time and a half: $10 + $5 = $15
Overtime Pay: $15 x 4 hours = $60
Total Pay: $460
Mr. K used to coach what sport in College?
Basketball!
Which of these is an example of hourly income?
A. A cashier earning $14 for every hour worked
B. A teacher earning $50,000/year
C. A freelance photographer paid per photoshoot
D. A landlord collecting rent
A. A cashier earning $14 for every hour worked
What does FICA fund? (Need the names)
Social Security and Medicare
A Registered Nurse earns $34/hour. What is their pay for a normal 40-hour week?
$1,360
How many siblings does Mr. K have?
4 total!
Which best describes gig income?
A. It is always the same amount
B. It is paid once a year
C. It can change a lot from week to week
D. It never changes
C. It can change a lot from week to week
Gross pay is $400, deductions are $60. What is net pay?
$340
Estimate the annual pay for an Electrician earning $28/hour.
28 x 40 = $1,120
$1,120 x 52 = $58,240
What color is Mr. K's dog?
White!