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21 Cards in this Set
- Front
- Back
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Wage |
Calculated on number of hours worked and overtime pay. (Eg waiter) |
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Salary |
Fixed amount of annual pay paid weekly/fortnightly/ monthly. (Eg teachers) |
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How do you convert between weeks and months? |
Convert to years first b/c 1 month doesn't = 4weeks |
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Commission |
Income based on value of items sold (eg real estate agent) |
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Piecework |
Income based on the number of items processed. (Eg fruit pickers) |
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Royalties |
Income based on the number of copies sold (eg musicians and authors) |
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Bonus |
Paid to employees who produce work of a high standard or meeting a goal/deadline etc. |
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Allowance |
Paid to employees for work related expenses (eg travelling, tools) or who work under dangerous conditions (eg heights) |
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Holiday loading/annual leave loading |
Extra pay given during annual leave. Usually paid at 17.5% of 4weeks pay. |
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Gross pay |
Amount a person earns |
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Net pay |
Amount a person owns after tax (gross pay- tax) |
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Allowable tax deductions |
If we use some of income for work related expenses/ to donate money to charities, this is not taxed. |
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Taxable income |
Remaining part of income after allowable deductions that is taxed |
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Taxable income formula |
Gross income - allowable tax deductions |
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Medicare levy |
1.5% of taxable income |
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PAYG |
(Pay as you go) employer estimates how much tax to take out of each pay and at the end of the financial year the actual income tax payable is calculated |
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Tax refund |
Given when someone pays too much in PAYG |
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Tax debt |
When someone hasn't payed enough Tax in PAYG |
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GST |
(Goods and services tax) 10% of the cost of g/ s (not taxed on essentials (eg basic foods). The consumer pays for GST |
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What is the GST shortcut? |
"Divide by 11" (Item is 100% and GST is 10%. So 110% - to find what the GST is divide by 11) |
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Dividend |
If you buy shares in a company you can get a dividend (Dividend per share/ market price of share ) x 100 |
