Gross vs. Net Pay
This is the total amount you earn before anything is taken out.
What is gross income?
This type of deduction is required by law.
What are taxes?
This benefit helps cover doctor visits and hospital bills.
What is health insurance?
This retirement account is commonly offered through employers.
What is a 401(k)?
You want more money in your paycheck now and skip retirement contributions. What happens later?
Less savings for retirement
This is the amount you actually take home after deductions.
What is net pay?
These two deductions fund retirement and healthcare for older adults.
What are social security and medicare?
This benefit gives you paid days off from work.
What is PTO?
This is often called “free money” from your employer.
What is a match?
You choose to add a 401(k) and your employer matches it. What is the benefit?
What is free money/growth?
This equation shows how to find take-home pay.
What is gross pay - deductions = net pay?
This deduction helps pay for medical expenses using pre-tax money.
What is an FSA or HSA?
This benefit may not increase your paycheck but still.
What are employee benefits?
This account is opened by YOU, not your job.
What is an IRA?
You put money into an FSA but don’t spend it. What happens?
What is you lose it?
If your gross pay is $600 and deductions are $150, what is your net pay?
What is $450?
This type of deduction protects your family financially if something happens to you.
What is life insurance?
This type of benefit is often free or low-cost through your employer and pays your family after death.
What is life insurance?
This type of account allows tax-free withdrawals later in life.
What is a ROTH IRA?
You’re young and want tax-free money later. What account should you choose?
What is a ROTH IRA?
Why might two people with the same salary have different net pay?
What is different deductions/benefit choices?
Which deduction might you lose if you don’t use it?
What is an FSA?
Why are benefits important even if they reduce your take-home pay?
What is they provide protection/future value?
This type of retirement plan pays you monthly after you retire.
What is a pension?
You remove all deductions to maximize your paycheck. What risks are you taking?
What is no protection/no future savings?