Gross and Net Pay Review

The money earned before any deductions is called

• Gross Pay

• Net Pay

True or False. Minimum wage is the same in every state

• True

• False

To calculate overtime, you multiply your overtime hours and hourly wage by

• 1

• 1.25

• 1.5

• 2

_____ usually refers to how much you make per hour. _____ usually refers to how much you make per year.

• Salary, Wage

• Wage, Salary

True or False. Interest from a savings account is an example of Unearned Income.

• True

• False

______, like sick days or tuition reimbursement, are forms of pay other than money.

• Perks

• Benefits

• Salary

• Wages

If you get paid semi-monthly, you receive ____ paychecks per year.

• 6

• 12

• 24

• 48

To calculate net pay....

• You need to calculate gross pay

• You need to add together all the deductions

• You need to subtract the deductions from the gross pay

• All of the above

Which of the following is NOT a required deduction?

• Social Security

• Federal Taxes

• Medicare

• Retirement