I attached the workbook, just have to answered the numbered problems in the note book. Please help me, I dont have time to solve the problems.

Name

17.3

?

Personal Financial

Literacy—5.10.B

Also 5.3.K

MATHEMATICAL PROCESSES

5.1.A, 5.1.D, 5.1.G

Income

Essential Question

What is the difference between gross income and

net income?

Income is money you earn, whether from a job, interest from a savings account, or profits

from selling items or services. Gross income is your total income before income or other

payroll taxes are taken out of it. Net income is the amount that is left after taxes.

Taxes based on your earnings, such as income and other payroll taxes, affect your net

income. Taxes based on use of items or services, such as sales and property taxes, do

not affect your net income.

Unlock

Unlock the

the Problem

Problem

Jay works at a bank. Use the information in the

pay stub to find his gross and net income for

the week. The salary from the bank is Jay’s only

source of income.

Since Jay has one source of income, his net

income is the same as the pay after taxes shown

on his pay stub. His gross income is the same as

his total earnings.

3201

Employee:

Jay Martin

Total earnings

Federal income tax

Pay period:

July 1 – July 8

$115.00

Other taxes

$93.50

Total taxes

Pay after taxes

$891.50

Detach and retain for your records.

His weekly net income is __.

To find his gross income, add the payroll

tax to his net income.

Payroll tax: $__ + $__ = $__.

Gross income: $__ + $__ = $__

net income

payroll tax

© Houghton Mifflin Harcourt Publishing Company

So, Jay’s gross income for the week is $__. Write the

gross income on his pay stub.

Math Talk

Mathematical Processes

Jay pays $3.65 in sales tax for a

meal. Does this change his net

income? Explain.

• If Jay earns $130.56 after taxes during the same week from

a part-time job, how does his net weekly income change? Explain.

Module 17

629

Share

Share and

and Show

Show

Use the information in the chart for 1–2.

1. What is Tina’s gross income?

Tina’s Finances

Yearly earnings from part-time

job at the bakery

Yearly earnings from part-time

job at the library

$18,000

$14,000

Profit from selling pottery

$6,000

Income and other payroll taxes

$5,750.50

Think: Gross income is Tina’s total earnings from all

her sources of income.

Gross income:

$__ + $__ + $__ = $__

2. What is Tina’s net income?.

Net income: $__ − $__ = $__

So, her net income is $__.

Problem

Problem Solving

Solving

3.

Write Math

Daniel works at a grocery store. He earns $8.00 per

hour at the deli counter. He works 18 hours each week. If this is Daniel’s

only source of income, can you find his net income with the information

given? Explain.

4. Use the information in the chart to find Latisha’s

gross and net income for the year.

Latisha’s Finances

Yearly earnings

$24,000

Profit from selling handmade

sweaters

$13,000

Interest from savings account

$214

Income and other payroll taxes

$5,550.16

5. Explain the relationship between gross income,

630

© Houghton Mifflin Harcourt Publishing Company

payroll tax, and net income.

Name

Problem

Problem Solving

Solving

6. Multi-Step Eduardo worked for 45 hours last week. His pay

is $12 per hour for 40 hours and $18 per hour for any time

over 40 hours. His payroll tax was $98.06. If this is Eduardo’s

only source of income, what was his net income for last week?

7.

Emily is a pharmacist. She earns $50 per hour.

If she works on a holiday, she gets paid double the hourly

rate. Last week she worked for 38 hours, including 8 hours

on a holiday. Emily’s salary is her only source of income.

If her net income last week was $1,947, how much was her

payroll tax? Explain.

8.

Multi-Step Charlie’s total earnings from his

job are $45,000. He also earned $2,000 in profit from selling

quilts. He pays $18 tax for every $100 in gross income. What

is Charlie’s net income?

Write Math

Show Your Work

9. Apply Geno works at a music store where he earns

© Houghton Mifflin Harcourt Publishing Company

$16.25 per hour. He works 40 hours per week. Should

he take a new job with a gross income of $36,000 per

year? Explain your reasoning.

Module 17 • Lesson 3

631

Mathematical Processes

M

Model ¥ Reason ¥ Communicate

M

Daily

Daily Assessment

Assessment Task

Task

Fill in the bubble completely to show your answer.

10. The table shows the gross income and payroll tax for the Barker family

members for one week. What is their net income for the week?

The Barker Family Income

Gross Income

Payroll Tax

Bea Barker

$730

$68.24

Buzz Barker

$654

$50.75

A

$1,285.01

C

$1,264.95

B

$1,315.76

D

$1,265.01

11. Lana works at the local ice cream store. In the last four weeks, her gross

income was $120.75, $118.50, $99.75, and $115.75. Her total payroll tax

was $59.70. How can you find her net income for the four weeks?

A

Find the sum of the gross income. Then add the payroll tax.

B

Add $59.70 to each of the gross incomes. Then add the sums.

C

Find the sum of the gross incomes.

D

Find the sum of the gross incomes. Then subtract the payroll tax.

12. Multi-Step Abe earned money mowing lawns. He earned $25 Saturday

morning and $75 Saturday afternoon. He earned $100 on Sunday. A

payroll tax of $26.25 was withheld each day. If this is Abe’s only source

of income, what was his net income for the two days?

A

$73.75

C

$122.25

B

$147.50

D

$173.75

TEXAS Test Prep

hour. The wages from this job are Sari’s only source of income. What is

her net weekly income if her payroll tax is $73 for the week?

632

A

$317

C

$424

B

$351

D

$278

© Houghton Mifflin Harcourt Publishing Company

13. Sari works in a flower shop for 36 hours each week. She earns $9.75 per

H o mewo rk

and Practice

17.3

Personal Financial Literacy—5.10.B

Also 5.3.K

MATHEMATICAL PROCESSES 5.1.A, 5.1.D, 5.1.G

Name

Income

Nan Barker lives in a state with no state income tax. Her only source of

income is from her job at a technology company. Use Nan’s pay stub for 1–4.

1. What is Nan’s gross income for

the pay period? __

7300

Employee:

Nan Barker

$1,575.00

Federal income tax $236.25

2. What is Nan’s net income for the pay

period? __

Total earnings

Pay period:

May 15

3. Nan is paid twice a month. What is Nan’s net

Other taxes $135.40

Total taxes

Pay after taxes $1,203.35

income each month?

Detach and retain for your records.

4. Describe two ways to find the difference between Nan’s gross income

and her net income for the pay period.

Problem

Problem Solving

Solving

Use Dante’s weekly pay stub for 5–6.

5. If the earnings from this job are Dante’s only source

of income, what is his net income for the week?

6. What is Dante’s annual gross income? Explain

© Houghton Mifflin Harcourt Publishing Company

how you found your answer.

904

Employee:

Dante Romano

Pay period:

November 1–7

Total earnings

$650.00

Federal income tax

$78.42

State income tax

$35.08

Other taxes

$12.50

Total taxes

Pay after taxes

Detach and retain for your records.

Module 17 • Lesson 3

633

TEXAS Test Prep

Lesson

Lesson Check

Check

Fill in the bubble completely to show your answer.

$20 per hour for 35 hours and $30 per hour for

any time over 35 hours. If the earnings from

the job are his only source of income, what

was Keenan’s gross income for last week?

A

$1,000

B

$900

C

$1,350

D

$700

9. Chip works at the amusement park. In the

last four weeks, his gross income was $112.25,

$98.75, $125.50, and $109.25. His total payroll

tax was $62.30. If the earnings from this job are

Chip’s only source of income, what was his net

income for the four weeks?

A

$445.75

B

$196.55

C

$383.45

D

$508.05

11. Multi-Step Mr. Jackson’s gross monthly

634

8. Rita’s gross income last month was $2,948.45.

She paid $442.45 in payroll tax for the month.

How can you find Rita’s net income for one

week if there were four weeks in the month?

A

Add the payroll tax to the gross income

and multiply by 4.

B

Subtract the payroll tax from the gross

income and multiply by 4.

C

Add the payroll tax to the gross income

and divide by 4.

D

Subtract the payroll tax from the gross

income and divide by 4.

10. Jenna’s only source of income is from her job

at a car wash, where she works 25 hours each

week. She is paid $9.90 per hour. What is her

net weekly income if she pays $30.70 in payroll

tax each week?

A

$247.50

B

$216.80

C

$278.20

D

$217.20

12. Multi-Step Ari worked for a moving company

income is $4,090 and his payroll tax is

$654.40. Mrs. Jackson’s gross monthly income

is $4,250 and her payroll tax is $680. What

is the Jacksons’ combined net income for

the month?

last weekend. On Saturday, his gross income

was $350 and his net income was $307.05. On

Sunday, his gross income was $280 and his net

income was $246.35. How much did Ari pay in

payroll tax last weekend?

A

$8,340.00

A

$76.60

B

$7,005.60

B

$103.00

C

$9,674.40

C

$137.30

D

$6,905.60

D

$70.00

© Houghton Mifflin Harcourt Publishing Company

7. Keenan worked 45 hours last week. His pay is

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