Julio earns $300 a week working a summer job. the paycheck he deposits in the bank is $250. which of these accounts for the difference in amounts

I would say that the reason that he's paid $300 and his paycheck that he deposits in the bank is $250, is because of income tax (and yes, there is such a thing).

Explanation:

When you work at a job, a certain percentage of the money that you're paid is subtracted from your paycheck, meaning that while you are paid $x, y% of that money is taken from your paycheck and is kept by the government for them to spend on whatever they want to spend it on.

If you still don't know what income tax is, then maybe this will help you figure out  what it is. Income tax is a tax that the government levies on people's income. This means that those with greater incomes pay a higher tax rate than those who earn less. For example, somebody earning $30,000 per year may pay 25% ($7,500) of their income, while those earning $300,000+, pay 35% ($105,000+) of their income.

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