Gross and Net Income, and Kinds of Taxes
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Gross and Net Income, and Kinds of Taxes
Gross and net income worksheet: match income tax, payroll tax, sales tax and property tax to what each one is, then six problems on pay before and after taxes, by the hour and working back. Grade 5, with an answer key.
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Teach it first
Gross and Net IncomeA teaching handout to hand out before this sheet: the rule, worked examples and common mistakes.- Pages
- 1
- Last updated
- Time
- About 15 minutes
- Answer key
- Included
- Printing
- Black and white
- Related curriculum
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Tell fixed expenses from variable ones, work out profit, the total cost of a few things and the change, gross and net pay, a budget that balances, sales tax on a purchase, and which of two packs is the better buy.
Reviewed by Mrs. Catherine Reynolds, Teacher. How we check worksheets
How to use this sheet
- Use real numbers where you can, such as a grocery receipt or a family bill, after the sheet.
- Have the child write each step with its label: income, expenses, what is left.
- Estimate first: is the total more or less than the money there is?
Common mistakes
- Mixing up gross and net income. Net is what is left after taxes and deductions.
- Mixing up fixed and variable expenses. A fixed expense stays the same each month.
- Forgetting to add sales tax to a total, or adding it to the change.
