Gross Income
The amount of money earned before deductions.
Gross Income
A fixed payment for a job that is for a certain period of time.
Contract
Provides some income during periods of unemployment, usually you need to have worked 420-700 hours within the last 52 weeks before unemployment to qualify.
Employment Insurance (EI)
Your "take home pay".
Net Income
The minimum wage in BC.
$14.60
You are a dog groomer and your hourly wage is $15.20. If you work 20 hours in a week, your gross income will be:
$304
Income earned by the hour; overtime can be earned and tips depending on the job.
Hourly Wage
Provides you with some income after retirement, your employer also makes a contribution on your behalf, only paid to employees 18 years or older.
Canadian Pension Plan (CPP)
You earn a gross income of $67,200 annually. If your annual deductions are $24,780, your net income will be:
$42,420
Teacher, doctor, police officer, Director of Housing First at the John Howard Society etc...
You got a job delivering bright yellow rubber ducks. You are paid $0.30 for each duck you safely deliver. During last nights' shift you delivered 243 rubber ducks safely to their new homes. Last night you earned:
$72.90
Income where you earn a set amount yearly, paid out at a determined schedule.
Salary
Revenue for the government to pay for services (roads, health, education etc).
Income Tax
You have an annual income of $36,400 grooming small dogs. Your annual EI contributions are:
$589.68
Jobs that pay using a commission.
Car salesman, realtor
You got a job as a goat doctor! The annual salary is $45,000 a year. Your gross income if paid out bi-weekly will be:
$1730.77
Income based on how much you sell.
Commission
The income that is used to calculate the tax owing: found by taking your gross income and subtracting any qualifying deductions.
Taxable income
You had a gross income this week of $785.00. Your net income for the week was $625.42. What percentage of your gross income were your deductions?
20.3%
You have a job making beeswax candles and you earned $310.80 this week. If you worked 18.5 hours during the week then your hourly wage must be:
$16.80
You got a job knitting socks at a rate of $17.85/hr. If you work over 40 hours/ week you get paid double time. You happened to work 42 hours this week. Therefore your weekly income this week is:
$874.64
A payment for a piece of work that is marketed or sold (usually based on a percent of sales.
Royalty
Your annual income is $31,999.50, making fake eyes for blind dogs. Your annual CPP contribution is:
$1453.47
As a professional rock climber, your gross income is $46,000 and you get paid monthly. Therefore your monthly EI premiums are:
$62.10
As a car salesperson you make a 5% commission rate of your total sales. The total commission earned when you sell a car priced at $12,000 is:
$600