Wage & Salary
_____ is calculated by the number of hours worked is usually paid weekly
Wage
Salespeople or agents can make a percentage of the value of items sold or income made. This is called ____________
Commission
What are the dates for the start and end of financial year? Write in the form (date month) to (date month) e.g. 1st January to 2nd January
1st July to 30th June
_____ pay is the amount a person earns or receives each pay day
Gross
______ a fixed annual amount, paid weekly, fortnightly or monthly.
Salary
What is time-and-a-half as a rate (in numbers)?
1.5
A fixed amount paid (often upfront) is called a ____________
Retainer
______ is the tax imposed on individuals in respect of the income or profits earned by them
Income Tax
____ pay is the amount of income left after the deductions i.e. tax & other deductions
Net
How many weeks in a year for salary workers?
52.18
Riley works 38 hours at $17.38 per hour and 5 hours overtime at time-and-a-half. Calculate his total earnings.
$790.79
A task where the amount paid is earned according to the number of items made/completed is called ___________
Piecework
A teacher buying teaching supplies and mechanic purchasing additional tools for work are all expenses that are considered to be an _____________.
Allowable deductions
What is the website that you can access to check the minimal wage and awards for various types of jobs in Australia? (Hint: ____ _____ Ombudsman)
Fair Work Ombudsman
Liam works from 7:30 am to 3:00 pm Monday to Wednesday and from 8:00 am to 4:00 pm Thursday and Friday. His hourly pay rate is $16.38. Calculate Liam's weekly wage.
$630.63
Diane works at a warehouse under the following weekly award. Normal rate is $15.75 per hour.
- Normal rate (0-38 hours worked)
- Time-and-a-half (next 3 hours worked)
- Double time (each hour worked after that)
What is his wage for working 44 hours?
$811.13
Lucy has a salary job where she works 40 hours a week and is paid $13.40 per hour. Lucy decides that she is taking her annual leave for 4 weeks in December. What will be her total pay for the four-week holiday (Weekly income + Annual leave loading)
$2519.20
Lianne has a gross income of $976 per week. His deductions are $119.50 tax, $55 for private health insurance and $30 for superannuation. What is Lianne's net income?
If you earn under $_______ you do not need to pay any tax.
$18200
Goran has an annual salary of $57410. How much would he be paid per week (nearest cent)?
$1100.23
Calculate the normal hourly rate of Sarah if she earns $862.40 by working 36 hours at normal rates and 4 hours at double time.
$19.60
Nicole is a bookseller who earns 4% commission on the value of books she sells. She is also paid a monthly retainer of $900. If Nicole's sales for March were $82 500, find her total income for March.
$4200
Maurice earns a gross fortnightly pay of $1059. Apart from tax, she has the following deductions: superannuation ($26.80), health insurance ($22), union fees ($9) and savings plan ($50). Maurice ends up with a net fortnightly pay of $900. How much did Maurice pay in tax?
What was Miss Zhou's first job?
McDonalds