If an individual makes $4,000 in salary per month and has a side job making $20 per hour for 10 hours a week for 4 weeks in a month, and they receive $1,000 per month in rent from a roommate, what is their gross income?
To find the individual's gross income, we need to calculate the total income from their salary, side job, and rent.
Salary = $4,000 per month
Side job = $20 per hour x 10 hours/week x 4 weeks = $800 per month
Rent = $1,000 per month
Total gross income = Salary + Side job + Rent
Total gross income = $4,000 + $800 + $1,000
Total gross income = $5,800
Therefore, the individual's gross income is $5,800 per month.
Which is a common way of describing net income?(1 point)
Responses
paystub
paystub
take-home pay
take-home pay
salary
salary
wages
take-home pay
What is a true statement about a 401k deduction?(1 point)
Responses
It is a contribution to the workers retirement account
It is a contribution to the workers retirement account
It is subtracted from the gross income resulting in lower taxes
It is subtracted from the gross income resulting in lower taxes
It is a mandatory deduction
It is a mandatory deduction
It is an involuntary deduction
It is an involuntary deduction
A and B
A and B.
How is direct deposit different from a paper check?
Direct deposit and paper checks are two different methods of receiving payments. Here are the differences:
Direct deposit:
1. Electronic transfer: Direct deposit involves the electronic transfer of funds from the payer's account directly into the recipient's bank account.
2. Convenience: The funds are automatically deposited into the recipient's bank account, eliminating the need to physically deposit or cash a check.
3. Timeliness: Direct deposits are generally processed and received faster than paper checks.
4. Paperless: Since direct deposit is electronic, there is no physical paper involved.
Paper check:
1. Physical document: A paper check is a physical document issued by the payer to the recipient, usually in the form of a personal or business check.
2. Manual deposit: The recipient must physically deposit the check into their bank account or cash it at a bank or a check-cashing location.
3. Processing time: It may take longer for a paper check to clear and for funds to become available compared to direct deposit.
4. Prone to loss or theft: Paper checks can be lost, stolen, or damaged, posing a potential risk in terms of security and inaccessibility to funds.
Overall, direct deposit offers convenience, speed, and a more secure way of receiving payments compared to paper checks.
How is direct deposit different from a paper check?(1 point)
Responses
When you receive direct deposit, you are only paid once a month.
When you receive direct deposit, you are only paid once a month.
When you receive direct deposit, you need a bank account.
When you receive direct deposit, you need a bank account.
When you receive direct deposit, you don't receive a statement about your pay.
When you receive direct deposit, you don't receive a statement about your pay.
When you receive direct deposit, there are more tax and benefit deductions.
When you receive direct deposit, you need a bank account.
How are direct deposit, payroll cards, and paper checks similar?(1 point)
Responses
They all require proof of identity before receiving payment.
They all require proof of identity before receiving payment.
They are all managed by outside companies.
They are all managed by outside companies.
They are all done electronically.
They are all done electronically.
They are all based on an hourly wage