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10 Cards in this Set
- Front
- Back
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Wage
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Given as an hourly rate and employees are normally paid weekly
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Salary
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Are quoted as a yearly (annual) figure and are paid monthly on a date specified on the contract
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Gross Pay
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Is the wage given without deductions
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Net Pay
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Is the wage given with deductions
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Income Tax
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Tax employees pay a certain percentage of their income to the government
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National Insurance
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Compulsory payments by employees to provide state assistant for people who are sick, unemployed or retired
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Pension
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When a person retires they get money from the government instead of earning a wage or salary
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Hourly Rate
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The amount of money the employee earns per hour
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Piece Rate
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When an employee is paid a fixed rate for each unit of production
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