Gross/Net Income
You work 10 hours this pay period. Your hourly wage is $15 an hour. What is your gross income?
$150.00
What is gross income?
The total amount of money a person earns from working before taxes or deductions are taken out.
What is payroll tax?
Taxes that are paid by the employer
Your hourly rate is $17. You worked 48 hours this pay period. What is your gross income?
$816.00
What is a balanced budget?
When income and expenses are equal. Add all income. Add all expenses. Then subtract the two. If expenses are greater, then you have to adjust your expenses or earn more money.
What is income tax?
money that is paid to the government out of a person's income. Income tax pays for schools, roads, police and fire department salaries, etc
You work 40 hours a week. Your hourly rate is $22.60. what is your gross income?
$904.00
What is net income?
The total amount of money a person gets paid in their paycheck. (After taxes)
What is sales tax?
tax on everything you buy, such as clothing, food, and books.
Your gross income for this pay period is $1,475.00. You have the following deductions $180, $340, and $74. What is your net income?
$881.00
How can you figure out the net income?
Gross Income - Deductions (Taxes and insurance) = Net Income
What is property tax?
the tax you pay on property if you own a house.
You earn a gross income of $67,200. If your deductions are $24,780, what will your net income be?
$42,420
Name 1 way to balance a budget where the expenses are greater than the income.
1. Work more hours by making more income
2. Spend less money on entertainment or things that you don't need
What kind of tax is paid when someone buys good or services?
Sales Tax