Ways of Earning an Income
What is an hourly wage?
Jake works as a carpenter for $20.87/h. How much will he earn if he worked 37 hours in a week?
What is $772.19?
Your income before deductions are taken off.
What is gross income?
A tax system where the more money you make, the more tax you pay.
What is a progressive tax system?
What the acronym CRA stands for.
What is the Canada Revenue Agency
Money you make for the entire year split equally amongst 12 months.
What is a salary?
Joey is paid $.40 per word for his articles. How much was he paid if his article had 1250 words?
Gross pay minus deductions
What is net pay?
Taxes paid on the things you buy.
What is sales tax?
Time paid for extra hours worked, usually at time and a half.
What is overtime?
Your earnings are a percentage of the sales you make.
What is commission?
Sara earns 15% commission on her sales. How much does she make on a couch that sold for $3500?
What is $525?
Money taken off your gross pay, including income tax, EI, CPP, life insurance, etc.
What are deductions?
When you have more credits than the amount you owe on your income tax.
What is a tax refund?
When you are paid every two weeks.
What is biweekly?
A payment based on a number of items created or completed (ex. scarves)
What is piecework?
A medical receptionist works at a rate of $11.75/hr for 40 hours per week. She is paid time and a half for extra hours she works each week. Last week she worked 45 hours. What will she make in overtime this week?
What is $88.13?
Overall she makes $558.13 for the week!
The date range you are being paid for.
What is a pay period?
Taxes must be paid by this date every year.
What is April 30th?
What is a Social Insurance Number (SIN)?
When someone runs their own business.
What is self-employed?
A playground supervisor works at $17.25/h. She works 40 hr weeks and averages 3 hours of overtime at time and a half each week. How much will she earn each week?
What is $767.63?
Provides temporary income support to unemployed workers while they look for employment or to upgrade their skills
What is Employment Insurance (EI)?
A slip that has information about your income and deductions from your job for the entire year.
What is a T4 slip?
The age that CPP contributions start getting deducted from a pay cheque.
What is 18?