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Economics

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Nov 24, 2024

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+/ 4. Reggie is getting his first paycheck. He does not understand the difference between gross and net pay. In paragraph form explain what the differences are and how they are calculated. Gross pay is the total overall earnings that you earned before any deductions. The gross pay is calculated from an hourly wage or annual salary. Net pay is the actual amount that you take. Net pay is the final pay after deductions. Some deductions include income taxes, health insurance, and medical insurance. Sample answer. All payroll taxes are based upon what is called gross earning or pay. This is the total amount of money you earned before any deductions are taken out. The money that is left after all of the deductions are taken out is called you net earnings or pay. Deductions can include the following: FICA (Federal Insurance Compensation Act, Medicare, Federal Income Tax Withholding, State Income Tax Withholding (if applicable), and any other expenses paid to the employer such as insurance or union dues. Points 1 /1
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