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14 Cards in this Set
- Front
- Back
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What is a wage?
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A wage is a regular payment earned by workerswhich are normally quoted at an hourly rate and paid weekly (for example £6.00per hour). |
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What is a salary?
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A salary is a fixed regular payment,typically quoted at an annual rate and paid monthly (for example £16,000 per annum). |
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Define Gross Pay
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Gross pay is the total amount paid to anemployee each pay period. This would includes regular pay, overtime pay, andother earning earned by the worker. |
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Define Net Pay
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Net pay is the amount one workerafter taxesand deductions have been takenout during a payperiod. |
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What is income tax?
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Income tax is tax impose directly on personal income. |
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Define National Insurance
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the system of compulsory payments by employees and employers to provide state assistance for people who are sick, unemployed, or retired.
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What is a pension?
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A pension is a regular payment made by the state to people of or above the official retirement age and to some widows and disabled people.
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What does it mean by a hourly rate?
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Hourly rate means the amount of money that a worker earnsper hour in a days work. |
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What is the definition of piece rate?
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piece rate is a paid fixed rate for each unit ofproduction. |
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What is overtime?
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Over time is extrapay for working longer than normal hours, often a higher rate than normal pay.
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What is commission?
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commission is additional money paid to an employee when items are sold
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Define a bonus?
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A bonus is extra money for achieving a specifictarget, often paid annually. |
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What is the definition of Performance related pay?
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Performance related pay is a financial reward for employees where it is based on their performance andworking attitude. |
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What is Union subscription?
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Union subscription is the action of making or agreeing to make an advance payment in order to receive or participate in something: |
