Taxes and Income

A deduction is

• gross income

• money added to your income

• net income

• money taken out of your income

Gross income is:

• the total amount of money you earn

• the amount of money you receive after decuctions are subtracted

• the total amount of money you spend

• sales taxes on items you buy

Alexis worked 24 hours last week. At a rate of $12 per hour, what was Alexis' gross pay?

• $36

• $144

• $288

• $312

Net income is:

• the total amount of money you earn

• the amount of money you receive after deductions are subtracted from your gross income

• the amount of money that is taken away in the form of taxes

• the hourly rate of pay

Gross income minus deductions equals your net income.

If Amorelle made $384 in gross income and her deductions are $122, what is her net income?

• $506

• $406

• $262

• $266

The amount used for budgeting purposes.

• Gross

• Net

Includes taxes and deductions

• Gross

• Net

Total amount earned for the time worked

• Gross

• Net

Calculated by subtracting taxes and deductions from total amount worked

• Gross

• Net

Calculated by multiplying a daily or hourly rate by the days or hours worked

• Gross

• Net