Gross and Net Income

Front

What is a deduction?

Back

A deduction is money taken out of your income.

Front

What is gross income?

Back

Gross income is the total amount of money you earn before any deductions.

Front

If Angel worked 7 hours at $15 per hour, what is his gross pay?

Back

Angel's gross pay is $105.

Front

What is net income?

Back

Net income is the amount of money you receive after deductions are subtracted from your gross income.

Front

If Alexis worked 24 hours at $12 per hour, what is her gross pay?

Back

Alexis' gross pay is $288.

Front

How do you calculate net income?

Back

Net income is calculated by subtracting total deductions from gross income.

Front

If Angel's total deductions were $12, what is his net income if his gross pay is $105?

Back

Angel's net income is $93.

Front

What does it mean to earn an hourly wage?

Back

Earning an hourly wage means you are paid a set amount of money for each hour you work.

Front

What is the formula for calculating gross income?

Back

Gross income = Hourly wage x Number of hours worked.

Front

If a jersey costs $84 and you have $93 after deductions, can you buy it?

Back

Yes, you can buy the jersey.