Tax Simulations Vocab
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8 Terms
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Gross pay
total amount of money earned **before** taxes and deductions are taken out of an employee’s paycheck.
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ex: an employee that works part-time at 25 hours per week and receives a wage of $12 per hour would have a gross weekly pay of $300 (25x12=300).
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ex: an employee that works part-time at 25 hours per week and receives a wage of $12 per hour would have a gross weekly pay of $300 (25x12=300).
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Net pay
total amount of money earned **after** taxes and deductions are taken out of an employee’s paycheck.
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Medicare
A tax that pays for health care for people over 65 or people with disabilities.
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Social security check
A payment made by the federal government to taxpayers who have retired or who are disabled.
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Chapter 20- The Molecular Revolution: Biotechnology, Genomics, and New Frontiers
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