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14 Cards in this Set
- Front
- Back
What is wage?
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Wage is how much an employee hourly and is usually paid weekly.
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What is salary?
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Salary is a yearly figure paid monthly and on a specific date.
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What is a bonus?
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A bonus is extra payment when an employee or groups of employees have achieved certain targets. e.g. increase profit by 5%.
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What is gross pay?
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Gross pay is what you earn before deductions are subtracted from your salary.
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What is net pay?
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Net pay is gross pay minus deductions.
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What is national insurance?
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National insurance is compulsory payment for people who are sick, unemployed or retired to provide assistance.
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What is hourly rate?
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Hourly rate is how much you earn hourly and people work out their hourly rate using their salary.
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What is piece work?
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Piece work is how much you get paid for a piece of work.
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What is overtime?
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Overtime is when you get paid for work you complete that cant be completed in normal hours of work.
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What is commission?
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Commission is additional payment for an employee when an item is sold.
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What is performance related pay?
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Performance related pay is when an employee is paid for how well they work. ( its their salary)
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What are union subscriptions?
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Union subscription is when you pay for someone to help you.
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What is income tax?
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Income tax is tax that you have to pay for what income you get, but you don't have to pay for all of your income.
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