Key Terms
The amount of money that a person makes per year
Salary
What is it called if a person gets paid every other week?
Biweekly pay
How much does a person make per hour when they work overtime?
Time and a half
Zoe earns $11.50 per hours and works 35 hours a week. Calculate her gross pay
The person you rent a place from is called the tenant
False! The Landlord
When a person makes twice the amount per hour than what they normally do
Double time
If a person makes $645 a month, how much do they get paid in a week?
$161.25
List 2 statutory holidays
Christmas Day, Good Friday, Labour Day, etc.
List 3 types of deductions
Income Tax, CPP, EI
A written tenancy agreement is known as a ______
Lease
When you get paid a percentage of your sales
Commission
Cathy earns 2.6% commission on all sales. She sells $1500 in product. How much commission does she earn?
$39
If Emily typically gets paid $17.40 an hour, but then gets paid over time, how much would she make an hour?
$26.10 per hour
Meg's gross pay is $257.20. Her deductions are $42.49. What is her take home pay?
$214.71
When someone stays in your apartment while you're away for a period of time
Sublet
The amount of money that a person makes before deductions
Gross pay
Louis earns 3% commission on all sales less than $15,000, and 4% commission on all sales over $15,000. If Louis sells $18,000, how much money does he earn the 4% commission on?
$3000
Joy gets paid $12 an hour. She works 46 hours one week. What is her gross pay?
$564
Liam's gross pay was $798.00. His deductions are $6.46 in EI, $9.47 in CPP, $28.55 in Income Tax, and $12.00 in charity. Determine his net pay.
$741.52
When you find someone else to take over your lease, so you transfer it to them
Assignment
The amount of money that a person will actually end up getting paid on their cheque
net pay or net income
Louis earns 3% commission on all sales less than $15,000, and 4% commission on all sales over $15,000. If Louis sells $18,000, calculate his total commission earnings.
$450 + 120 = $570
Kenn typically gets paid $15.60 an hour. He works 3 hours of overtime at double time. What are his total earnings?
$686.40 + 93.60 = $780
Max's take-home pay was $498.73. His deductions were $48.00. What was his gross pay?
$546.73
What % is the rent increase guideline for 2022?
1.2%