GROSS
If you earn $10 per hour and work 5 hours, what is your gross pay?
$50
What word describes the money you have after taxes and other deductions are taken out of your pay?
Net pay
What do you call money you put into a bank account?
Deposit
Name two common payroll deductions shown on pay stubs.
federal income tax, Social Security, Medicare, health insurance
Match the term to definition: Money taken out of a bank account = ?
Withdrawal
If a worker earns $15.00 per hour and works 30 hours in a pay period, what is their straight-time gross pay?
$15.00 × 30 = $450.00
Isaac’s gross pay is $160. His deductions are $20 (federal), $7.50 (state), $9 (Social Security), and $2.40 (Medicare). What is his net pay?
160 - (20 + 7.50 + 9 + 2.40) = 160 - 38.90 = 121.10
If Bank A charges a monthly fee equal to 1% of your $700 balance and Bank B charges a flat $5 monthly fee, which bank costs less for that month and why?
Bank A fee = 700 0.01 = 7.00 so Bank B ($5) is cheaper this month.
If FICA Social Security tax is 6.2% and Medicare is 1.45%, what is the combined percent for these two?
6.2% + 1.45% = 7.65%
What is gross income?
Gross income is the total money you earn before taxes and deductions.
Write the formula to calculate straight-time pay using hourly rate and hours worked.
Straight-Time Pay = Hourly Rate × Hours Worked (use formula)
Explain in one sentence how to get net pay from gross pay.
Subtract all deductions from gross pay to get net pay.
What is a debit card and how is it different from a credit card?
Debit card uses money directly from your bank account now; credit card lets you buy now and pay later (borrowed money).
On a paycheck with gross pay $600, FICA medical tax is $8.70, FICA SS is $37.20, and federal tax is $90.00. What is the total of these three deductions?
8.70 + 37.20 + 90.00 = 135.90
Define "payroll tax" in one sentence.
Payroll tax is the total tax an employer withholds from an employee’s paycheck
You earn $11.25 per hour and work 36.75 hours. Calculate your gross pay (round to the nearest cent).
11.25 36.75 = 413.44 (rounded to nearest cent)
If your gross monthly pay is $2,400 and total monthly deductions are $540, what is your net monthly pay?
2,400 - 540 = 1,860
Tony cashes his weekly paycheck and pays $5 each time. How much does he pay in fees in one month (4 weeks) and in one year (52 weeks)?
Monthly: 5 x 4 = 20; Yearly: 5 x 52 = 260
Using the sample pay stub where gross wages are $600 and current deductions total $315.21, what is the net pay?
600 - 315.21 = 284.79
Give the definitions of "deposit" and "withdrawal" in your own words.
Deposit = put money into a bank account.
Withdrawal = take money out of a bank account
A job pays a weekly salary of $350. How much is the annual salary? (Assume 52 weeks.
350 X 52 = 18,200
You earn $7.50 per hour for a 32-hour week. After deductions of 18% total, what is your weekly net pay? (Show steps and round to nearest cent.)
Gross = 7.50 x 32 = 240.00
Deductions = 240 x 0.18 = 43.20
Net = 240 - 43.20 = 196.80
A checking account charges 1% monthly fee on the balance. If your balance is $1,200, how much is the monthly fee? If you withdraw that fee and nothing else changes, what will your new balance be?
Monthly fee = 1,200 0.01 = 12.00 New balance = 1,200 - 12 = 1,188
You have a gross monthly salary of $3,500. Calculate monthly amounts for: Social Security at 6.2%, Medicare at 1.45%, and federal tax at 20%. Then compute the net after these three deductions (round to nearest cent).
Social Security = 3,500 0.062 = 217.00 Medicare = 3,500 0.0145 = 50.75 Federal = 3,500 0.20 = 700.00 Total deductions = 967.75 Net = 3,500 - 967.75 = 2,532.25
Explain the difference between a credit card and a debit card and give one advantage of each.
Debit card: uses your bank funds immediately (advantage: no debt).
Credit card: borrow now, pay later (advantage: builds credit if used responsibly).