JAFP Unit 1 Income

deduction

• Payments due to the government
• amount subtracted from gross pay
• total amount of income earned

gross pay

• total amount of income earned
• Payments due to the government
• Social insurance program that extends helathcare coverage to Americans over age 65

How do you calculate gross annual income, given gross monthly income?

• Multiply gross monthly income by 30

• multiply gross monthy income by 12

• Divide Gross monthly income by 12

Income

• gross pay minus deductions
• gross pay minus deductions
• money received on a regular basis for work or throough investments

meidcare

• money received on a regular basis for work or throough investments
• Social insurance program that extends helathcare coverage to Americans over age 65
• total amount of income earned

net pay

• Payments due to the government
• total amount of income earned
• gross pay minus deductions

social security

• social insurance program that provides benefits to people are retired or sick
• Social insurance program that extends helathcare coverage to Americans over age 65
• amount subtracted from gross pay

taxes

• payment due the government
• Social insurance program that extends helathcare coverage to Americans over age 65
• social insurance program that provides benefits to people are retired or sick

Which formula is correct for gross pay?

• gross-deductions
• (rate)(hours)
• Rate/hours

Which formula is correct for net pay?

• (rate)(hours)
• rate/hour
• gross-deductions