What are the components of gross pay that must be deducted to find net weekly earnings?

To determine net weekly earnings, it's essential to understand that gross pay includes all earnings before any deductions are made. These deductions typically consist of taxes and other mandatory contributions, which are necessary to comply with government regulations and to contribute to social programs.

Taxes may include income tax, Social Security, and Medicare contributions, while other deductions can include health insurance premiums, retirement contributions, or any other benefits the employee opts into. All of these deductions are subtracted from the gross pay to arrive at the net pay, which reflects the actual amount the employee takes home.

Considering the other options, simply focusing on expenses does not account for the specific mandatory deductions that impact net pay. Retirement contributions alone are also not comprehensive enough to provide the full picture since they are just one type of deduction. Overtime payments are not a deduction; rather, they add to the gross income and would further necessitate considering the relevant deductions to calculate net pay accurately. Therefore, recognizing the significance of taxes and additional deductions is crucial in calculating net earnings from gross pay.