Gross to Net
This is the total pay you earn before any taxes or deductions come out.
Gross Pay
Outside of Michigan Income Tax and Federal Income Taxes, what are the other two taxes that come out of your gross pay?
Social Security and Medicare Taxes
Is basic groceries a need or a want?
A need
Moving money to savings as soon as you are paid, before you spend, is called this.
Pay Yourself First
To turn a weekly cost into a yearly cost, you multiply by this number.
52
This is the pay you take home after deductions.
Net Pay
On a pay stub, "YTD" stands for this
Year-to-date (the totals so far this year)
In the 50/30/20 rule, this percent of take-home pay goes to wants.
30%
This is money a bank pays you for keeping your money in an account.
Interest
Name one hidden cost of buying something online.
Any of these: shipping, sales tax, fees, tip, add-ons
Ben earns $13 an hour and works 28 hours. What is his gross pay?
$364.00 ($13 x 28)
A worker who is paid every two weeks gets this many paychecks in a year.
26
A basic phone plan is a need, but a brand-new expensive phone is a want. This word describes items like a phone.
In between
You want to save $600 in 4 months. How much do you save each month?
$150 ($600/4)
A student buys a $3 drink 4 times a week. What does the habit cost per week?
$12 ($3 x 4)
Gross pay is $480 and deductions total $55. What is the net pay?
$425.00 ($480 - $55)
A worker's gross pay is $900. Social Security takes 6.2%. How much is that?
$55.80 ($900 x 0.062)
Take-home pay is $1,200 a month. How much goes to needs under 50/30/20?
$600 ($1,200 x 0.50)
You want to save $2,400 in 6 months and you are paid twice a month. How much do you save from each paycheck?
$200 ($2,400 / 6 = $400 a month, then $400 / 2)
The same habit costs $12 a week. What does it cost in one year?
$624 ($12 x 52)
Mia earns $20 an hour and works 45 hours. Overtime is 1.5 times pay over 40 hours. What is her gross pay?
$950.00 (40 x $20 = $800, plus 5 x $20 x 1.5 = $150)
Gross pay is $1,000. How much is taken out in total for Social Security (6.2%) and Medicare (1.45%)?
$76.50 ($62.00 + $14.50)
Take-home pay is $1,600 a month. How much goes to wants, and how much to savings, under 50/30/20?
Wants $480 ($1,600 x 0.30). Savings $320 ($1,600 x 0.20)
You keep $3,000 in an account that pays 4.25% for one year. How much interest do you earn?
$127.50 ($3,000 x 0.0425)
A habit costs $780 a year. What does it cost per month?
$65 ($780 / 12)