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 low wage that supplements earnings from commission.
What is a retainer?
The rate of leave loading.
What is 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?
The rate of pay received if the rate is twice the normal rate.
What is double time?
A fixed amount for each item produced or task completed.
What is piecework?
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 triple time at $17/hr.
What is $102?
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?
A weekly salary of $879 earns this much per year.
What is $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.
What is $445.50?
The system by which tax is paid from every payslip.
What is PAYG tax?
There are 4 weeks in a month.
What is the incorrect way to calculate monthly pay?
The pay rate when an employee works for 6 hours at double time and earns $288.
What is $24/hr?
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?