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Key Terms
Calculations
Deductions
Expenses
Wildcard
100
Your hourly wage times the number of hours you worked calculated this.
What is gross pay?
100
This is how much you would earn MONTHLY if your annual salary is $24,000.
What is $2000/month?
100

This deduction provides income for unemployed workers while they look for a new job.

What is Employment Insurance (EI)?

100

Groceries are an example of this kind of expense.

What is an essential expense?

100

This is how many months are in 4.5 years

What is 54?

200

Your pay after all deductions have been taken off.

What is net pay?

200
This is how much you would earn BI-WEEKLY if your annual salary is $37,520.
What is $1443.08/two weeks?
200
This deduction provides income for retired workers.
What is the Canada Pension Plan?
200

Rent is an example of this kind of expense.

What is an essential expense?

200

This city is the most expensive to live in Canada

What is Vancouver?
300
This is another name for your net pay.
What is take-home pay?
300

This is how much you would earn ANNUALLY if your weekly salary is $255

What is $13260/year?

300
These two deductions pay for services such as health care, education and national defence.
What are federal and provincial income tax?
300

A new video game is an example of this kind of expense.

What is a non-essential expense?

300

This is the financial ability to make purchases

What is purchasing power?
400
These kinds of expenses are not optional. (Example - food, rent, hydro)
What are essential expenses?
400
This is how much you would earn SEMI-MONTHLY if your annual salary is $63,800.
What is $2658.33/semi-monthly?
400

This type of income is not subject to tax deductions.

What are lottery winnings, gifts, or inheritance?

400

A gym membership is an example of this kind of expense.

What is a non-essential expense?

400

This province is the cheapest to live in

What is Newfoundland and Labrador?

500

These expenses are the same amount each time they are paid, and are generally paid on a regular schedule.

What are fixed expenses?

500

This is how much your monthly net pay would be if you make $288.46 per week with 50% gone to deductions.

What is $576.92 net weekly earnings?

500

These are other deductions that might reduce your net income in addition to the 4 major deductions.

What are union dues, licensing and membership fees, RRSP contributions, benefits and charity donations?

500

Clothing is an example of this kind of expense.

What is an essential/non-essential expense?

500

As of 2023, this is the average annual income in Canada.

What is $63,369/year