Week 11: Do Now (Paycheck Calculation)

What is the secret sauce to computing a person's MONTHLY budget percentage?

• Annual Salary

• Monthly Deductions

• Monthly Net or Gross Income

• None of these!

Which of these IS NOT a pretax deduction?

• Social Security

• 401K

• Dental Insurance

• None of these!

Which of these expenses is considered a payroll tax?

• Health Insurance

• Medicare

• FSA

• None of these!

T or F: In order to receive your NEW GROSS amount, you MUST subtract your Gross amount from your Retirement amount.

• True

• False

To compute your Social Security amount, you must divide .062 by _________?

• New Gross

• Monthly Income

• Total Deductions

• None of these!