Employment
A fixed amount of money for a year's work, usually paid fortnightly or monthly.
What is a salary?
The normal pay rate plus another half the pay rate.
What is time and a half?
The government imposes this as a percentage of an income to pay for government activities.
What is income tax?
The government body responsible for tax.
What is the ATO?
The total amount of money earned for 3 hours work of double pay at $32/hr
What is $192?
An hourly rate for an agreed number of hours per week.
What is a wage?
The time worked in excess of a standard day. Often at 1.5 or 2 times the normal rate.
What is overtime?
Total earnings after tax.
What is net pay?
The period of time in which all tax is calculated. In Australia in starts on 1st July and ends on 30th June the following year.
What is the financial year?
Total amount of pay for the year on a monthly salary of $4785.
What is $57,420?
When an employee is not employed permanently and receives an hourly rate.
What is casual employment?
Money given in addition to an employee's usual income. Usually for good work.
What is a bonus?
An expense that a tax payer can subtract from their gross income if it was used for work purposes.
What is a tax deduction?
Pay As You Go.
What does PAYG stand for?
$54,547 plus 45c for each $1 over $180,000.
What is the tax on an income greater than $180,001?
Total earnings before tax.
What is gross income?
A payment that is a percentage of the goods sold.
What is commission?
Total income - tax deductions
What is taxable income?
Payment made by an employer into an investment fund to provide benefits for the employee upon retirement.
What is superannuation?
The taxable income with total earnings of $82,250 and tax deductions of $3990.
What is $78,260?
17.5% extra payment on top of annual leave pay.
What is leave loading?
A worker is paid a fixed amount for each piece of work completed.
What is piecework?
The difference between the PAYG tax and the actual tax payable at the end of the financial year.
What is a tax refund/liability?
An additional 2% on top of income tax to help with public health services.
What is Medicare levy?
HARD: The tax refund/liability with taxable income of $41,000 having paid $6,000 PAYG tax.
What is $848 refund?
Working:
Medicare levy: $820
Income Tax: 19cents for each $1 over $18,200
Income Tax: (41000-18200) x 0.19 = $4,332
Total Tax: $4,332 + $820 = $5,152
Tax refund/liability: 6,000 - 5,152 = $848 refund