Wages and Salaries
What is a wage?
The amount of money an employee is paid per hour.
What is time-and-a-half?
The normal pay rate plus another half of the pay rate.
What is a retainer?
A low wage that supplements earnings from commission.
What is the rate of leave loading?
17.5%
What is the Australian Taxation Office?
(ATO)
The government organisation responsible for the collection of tax.
What is a salary?
The total amount an employee earns per year.
What is double time?
The rate of pay received if the rate is twice the normal rate.
What is piecework?
A fixed amount for each item produced or task completed.
What is annual leave?
The time period, generally for 4 weeks, during which leave loading is generally applied.
What is a financial year?
The period of time by which all tax is calculated.
What is an award?
The document that outlines minimum pay and working conditions.
The total pay if an employee works for 2 hours double time at $17/hr.
$34
What is commission?
The source of pay that varies for a car salesman.
What is holiday pay?
4 weeks of normal pay plus leave loading.
What is taxable income? Write it as an equation.
Gross income - allowable deductions.
A weekly salary of $879 earns this much per 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
What is PAYG tax?
The system by which tax is paid from every payslip.
What is the correct way to calculate weekly income as a monthly pay?
Multiply it by 52 then divide it by 12.
What is the pay rate when an employee works for 6 hours at double time and earns $288.
$24/hr
What is a tax refund/liability?
The difference between the sum of PAYG tax and the actual tax payable, calculated every financial year using a tax return.