Wages and Salaries
The amount of money an employee is paid per hour.
What is a wage?
The normal pay rate plus another half of the pay rate.
What is time-and-a-half?
A set weekly amount someone on commission might earn.
A retainer
The rate of leave loading.
17.5%?
The government organisation responsible for the collection of tax.
What is the Australian Taxation Office?
(ATO)
The total amount an employee earns per year.
What is a salary?
What is it called when you get twice the normal rate.
Double time?
A fixed percentage that salespeople get paid
Commission
The time period, generally for 4 weeks, during which leave loading is generally applied.
What is annual leave?
The period of time by which all tax is calculated.
What is a financial year?
The document that outlines minimum pay and working conditions.
What is an award?
The total pay if an employee works for 2 hours of double time at $17/hr.
$34
The source of pay that varies for a car salesman.
What is commission?
4 weeks of normal pay plus leave loading.
What is holiday pay?
Gross income - allowable deductions.
What is taxable income?
If you are paid $879 weekly, how much do you earn in a year.
$45708
The total pay if Casey works for 8 hours at normal pay, 1 hour at time-and-a-half, and 2 hours at double time, with a pay rate of $33/hr.
$445.50
Riley earns a weekly retainer of $370 and 12% commission of any sales he makes. If he makes $2700 worth of sales in a particular week, how much will he earn?
$694
Amy earns $798 per week. She has annual leave for two weeks, what will her weekly wage be?
$937.65
The system by which tax is paid from every payslip.
What is PAYG tax?
Kate earns $4300 in a month. How much does she get paid in a week?
$992.31
The pay rate when an employee works for 6 hours at double time and earns $288.
$24/hr?
$1080
Mel is taking her holidays. She received $2937.50. This includes her normal pay and her leave loading. How much was the leave loading?
$2499.57
The difference between the sum of PAYG tax and the actual tax payable, calculated every financial year using a tax return.
What is a tax refund/liability?