What is defined as net pay?(1 point) Responses It is the total amount of money a worker earns in a given pay period. It is the total amount of money a worker earns in a given pay period. It is the money that is subtracted from gross pay to pay for benefits. It is the money that is subtracted from gross pay to pay for benefits. It is the money that is withheld from gross pay to pay taxes. It is the money that is withheld from gross pay to pay taxes. It is the money left over after deductions are removed and taxes are withheld from gross pay.
It is the money left over after deductions are removed and taxes are withheld from gross pay.
Net pay is defined as the money left over after deductions are removed and taxes are withheld from gross pay.
To find the answer, look at the statements and determine which one correctly defines net pay.
- Statement 1: "It is the total amount of money a worker earns in a given pay period." This statement is incorrect because it describes gross pay, not net pay. Gross pay refers to the total amount earned before deductions and taxes are taken out.
- Statement 2: "It is the money that is subtracted from gross pay to pay for benefits." This statement is incorrect since it describes deductions for benefits, not net pay itself.
- Statement 3: "It is the money that is withheld from gross pay to pay taxes." This statement is also incorrect because it describes taxes withheld, not net pay.
- Statement 4: "It is the money left over after deductions are removed and taxes are withheld from gross pay." This statement correctly defines net pay. Net pay is the amount of money that remains after deductions (such as benefits) and taxes are withheld from gross pay.
Therefore, statement 4 is the correct definition of net pay.