16-2 Gross Income and Net Income
TEK 5.10B: Explain the difference between gross income and net income.
Lesson:
Watch this video from Education Galaxy. It defines the incomes listed above.
Next, watch this silly video also explaining the difference between gross pay and net pay (same as gross income and net income).
Classwork:
In your OMG, write the following words along with their definitions and an example of each type of income (you may use your textbook glossary or definitions from Quizlet or the videos above). Take your OMG to Mrs. Watkinson to check:
Homework: Text pages 883-884, problems 1, 2, 3, 4, 5, 6, 7, 9
Play the Blank Pay Voucher Game.
Instructions for game (get a Blank Pay Check Recording Sheet and a set of cards to share with several students).
● Draw one Gross Income Card (green) and record the amount on the Blank Pay Check next to Gross Income (there are two places to record this information).
● Draw 3 deduction cards (choose a different color for each card: blue, purple, pink, or orange) and write the type and amount of the deduction on the Blank Pay Check.
● Calculate the total of your deductions (you may not use a calculator).
● Calculate the Net Income by subtracting the Total Deductions from the Gross Income (you may not use a calculator).
● Repeat the process so you have two different pay checks completed.
● Complete the back side of the work sheet.
Trade your work with another student. Using a calculator, check each other's Blank Pay Checks. Correct errors and bring to Mrs. Watkinson to grade the back page.
Skill Check: Pearson Realize Quick Check Gross Income and Net Income
Begin Here 16-1 16-2 16-3 16-4 16-5 End of Topic
Lesson:
Watch this video from Education Galaxy. It defines the incomes listed above.
Next, watch this silly video also explaining the difference between gross pay and net pay (same as gross income and net income).
Classwork:
In your OMG, write the following words along with their definitions and an example of each type of income (you may use your textbook glossary or definitions from Quizlet or the videos above). Take your OMG to Mrs. Watkinson to check:
- gross income
- net income
Homework: Text pages 883-884, problems 1, 2, 3, 4, 5, 6, 7, 9
Play the Blank Pay Voucher Game.
Instructions for game (get a Blank Pay Check Recording Sheet and a set of cards to share with several students).
● Draw one Gross Income Card (green) and record the amount on the Blank Pay Check next to Gross Income (there are two places to record this information).
● Draw 3 deduction cards (choose a different color for each card: blue, purple, pink, or orange) and write the type and amount of the deduction on the Blank Pay Check.
● Calculate the total of your deductions (you may not use a calculator).
● Calculate the Net Income by subtracting the Total Deductions from the Gross Income (you may not use a calculator).
● Repeat the process so you have two different pay checks completed.
● Complete the back side of the work sheet.
Trade your work with another student. Using a calculator, check each other's Blank Pay Checks. Correct errors and bring to Mrs. Watkinson to grade the back page.
Skill Check: Pearson Realize Quick Check Gross Income and Net Income
Begin Here 16-1 16-2 16-3 16-4 16-5 End of Topic