Paystubs

Gross vs. Net Pay

100

This is the amount you earn before deductions. 

Gross pay

200

This is the amount you actually take home after deductions.

Net pay

300

If your gross pay is $1,284 and your deductions total $297 what is your net pay? 

$987

400

If your net pay is $500 and deductions are $120, what is your gross pay?

$620

500

If your gross pay is $600 and your net pay is $491, what did your deductions total? 

$109

Deductions vocab

100

A deduction is a ____________ from your paycheck 

Withdrawal 

200

This deduction goes to the US government to fund programs 

Federal tax

300

This deduction goes to the government of NY for us

State tax

400

This deduction funds income for adults over 62 and others who qualify 

Social Security 

500

This deductions funds health insurance for adults over 65 and others who qualify 

Medicare 

Deductions calculations

100

Your gross pay for the week is $1,200. If 1.45% of your earnings are deducted for Medicare, how much is deducted?

$17.40

200

You earn $850 this pay period. Social Security takes 6.2% of your gross earnings. How much will be deducted for Social Security?

$52.70

300

Your gross biweekly pay is $1,650. If 5% of your earnings are withheld for New York State income tax, how much will be deducted?

$82.50

400

You earn $2,400 in gross pay this pay period. If 10% is withheld for federal income tax, how much will be deducted?

$240

500

You earn $1,100 this week. If 1.45% is deducted for Medicare, how much money is deducted?

$15.95

401(k)

100

Why is it called a 401(k)? 

Section 401 subsection k of the IRC 

200

At what age can you start collecting without penalty from your 401(k)? 

59 and 1/2

300

What percent penalty do you pay for drawing on a 401(k) before the retirement age?

10%

400

If you contribute $1500 to a 401(k) and your employer offers a 50% match, how much does your employer also contribute? 

$750

500

What if the difference between a 401(k) and a Roth 401(k)? 

With a 401(k) you are taxed after and with a Roth 401(k) you are taxed before 

Challenge calculations

100

Sarah earns $850 per week. Her paycheck has the following deductions: Social Security 6.2%, Medicare 1.45%, Federal income tax 10%, State income tax 4%. What is her net pay?

$665.97

200

James earns $1,650 every two weeks. His paycheck has the following deductions: Social Security 6.2%, Medicare 1.45%, Federal income tax: 10%, State income tax 4%. What are the sum of the deductions?

$357.22

300

Emily earns $2,400 per paycheck. Her deductions include: Social Security 6.2%, Medicare 1.45%, Federal income tax 12%, State income tax 4%, 401(k) contribution 5%. What are the sum of her deductions?

$687.60

400

Michael earns $3,200 per paycheck. His employer deducts the following: Social Security 6.2%, Medicare 1.45%, Federal income tax 15%, State income tax 5%, 401(k) contribution 4%, Health insurance $85 (fixed amount). What are the sum of his deductions?

$1,097.80

500

Taylor earns $4,500 per paycheck. Her deductions include: Social Security 6.2%, Medicare 1.45%, Federal income tax 18%, State income tax 5%, Retirement contribution 6%, Dental insurance $25, Health insurance $110. What are the total deductions?

$1,784.25