Money Terminology CALM 11. Income – How much money I take inIncome – How much money I take in Annual Income – How much money I take in over a yearAnnual.

Slides:

Advertisements

Similar presentations

Worksheet 17 Deductions – EI and CPP. Deductions Gross Pay is what you’ve been calculating so far (pay before deductions) Deductions are things that are.

Advertisements

Compounding Interest You are interested in opening a savings account that pays interest at a rate of 6% compounded annually. You deposit $523 as your starting.

Deductions. Gross Income Amount of money you earn before any deductions.

Salary vs. Hourly Is one better than the other?. Employees Workers are categorized not only by what they do, but also how they get paid. One may be paid.

NEXT Death and Taxes NET PAY NOTES What things are certain in life?

MATH 10 – UNIT 4. FM. 4 Students are expected to: Explain why gross pay and net pay are not the same. Determine the Canadian Pension Plan (CPP), Employment.

Warm up Joe’s employer pays 60% of his annual medical insurance premiums. The total annual cost per employee is $5,000. Joe is paid bi-weekly. What dollar.

Pay and Taxes INVESTIGATE WHAT IMPACTS YOUR PAYCHECK AND PERSONAL TAXES ©2014 National Endowment for Financial Education | Lesson 3-3: Pay and Taxes.

Worshipful Company of Tax Advisers

All payslips contain the following information: Employers Name Your Name, Date of Payment National Insurance Number Tax Code Payment Method (BACS, Cash,

LESSON 12-2 Determining Payroll Tax Withholding

JEOPARDY TermsSalary, Overtime & Commission Take-Home Pay Benefits & Expenses RandomsDeductions $100 $200 $300 $400 $500 Let’s play! ***

Aim: Income Statements Course: Math Literacy Do Now: What are some deductions that lower the money you earn at work? Aim: Why is your take home pay lower.

Working and Earning Earning Statements Key Ideas Employment provides a means of creating personal income Employee earning statements include information.

#1. Calculating Gross Income Dan works part time at Shopko Dan worked 32 hours this week Dan makes $9.75/hour How much was Dan’s Gross Income?

Sales and Income Tax. Sales tax – a tax that is added to the cost of goods or services based on the percentage of the cost. Income tax – A tax that is.

Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.Glencoe Accounting Computing Gross Pay Calculating Gross Earnings Section 12.1 gross.

Income. Income Is money you receive. Or a benefit in kind you receive. It can be regular or additional.

Salary vs. Hourly Wage What is a Salary? What is an Hourly Wage? Is it the same in all states?

How Much Are You Really Making? NEXT This presentation will help you to: understand the difference between gross and net pay accurately calculate gross.

Annual Wage / Salary How much a person is paid in a year Wages & Salaries 12 months in a year 52 weeks in a year.

PERCENTAGES How to find: 20% of 80 15% of 400 7% of 9.

My Pay, My Money. What is money? Before money there was barter (trading) Governments print money to make buying easier Gold coins are worth something.

Consumer Decisions Earning Money.

REQUIRED DEDUCTIONS Money subtracted from your gross pay for taxes by the government, also called payroll taxes: Federal Taxes State Taxes FICA (Social.

Part 1: Earning Statements. Working and Earning Earning Statements Key Ideas Employee earning statements include information about………………. gross wages,

$$$.  How much a person earns is usually expressed as an annual amount. For example, $ annually  Annual = 1 year = 12 months = 52 weeks  However,

The reward for work. How people are paid Salary (stated as yearly earnings but are usually paid monthly) – more likely to be skilled, non-manual occupations.

Earning Potential Amount of money you can receive based on: Amount of money you can receive based on: Level of education Level of education Career path.

Bellwork Vanessa gets paid bi-weekly. She is always paid on the 1 st and the 15 th and earns $ She needs to pay the following monthly expenses.

Unit 2 Lesson 2 Remediation 1. The Earnings Section The Deduction Section The Personal Information Section  Parts of a paycheck stub.

CALCULATING NET MONTHLY INCOME. STEPS TO CALCULATING NET MONTHLY INCOME Step 1: Pay Rate X Hours Worked = Gross Weekly Income Step 2: Gross Weekly Income.

GOALS BUSINESS MATH© Thomson/South-WesternLesson 1.1Slide 1 1.1Hourly Pay and Salary Calculate gross pay for hourly-rate employees Calculate gross pay.

Do Now… Computer Whiz Carl works at Circuit City. I think I know, check my answer Carl worked 12 hours for an hourly rate of $7.50 The Federal Tax Rate.

Understanding Paychecks Where Does Your Money Go?.

1 Earning Money - Contents 1.SalarySalary 2.WagesWages 3.CommissionCommission 4.RoyaltiesRoyalties 5.PieceworkPiecework 6.OvertimeOvertime 7.Addition &

The sad part of every job..  Kevin is a new employee at MmmPizza. Each week he works 37.5 hours at $7 per hour.  What is his pay?  Stop complaining.

WAGES AND SALARIES lc/pm1. 2 WAGES AND SALARIES It is important that employees are properly rewarded for the work they do. Employers’ ObjectivesEmployees’

September 7, 2011 Objective: Students will identify how to calculate gross pay and net pay.

What items must be included in your notebook ? What items must be included in your notebook ? When is the notebook due? When is the notebook due? When.

Lesson 13: Net Pay Consumer Math: p When employees receive their paychecks, they should know that the check does not include their full earnings,

 Gross Pay - income earned before any deductions  Salary - monthly or annual  Hourly - regular and overtime  Piecework - earn a set amount per item.

Getting Paid For Your Work

Gross Income the total amount of money one earns Ex. $6.15 an hour Multiplied by 40 hrs. per week_______________ Multiplied by 52 weeks per year________________.

Financial Terms Important Terms for Life and for Spreadsheets.

Alberta Labour Laws CALM 20. Alberta Labour Laws Your Employer is responsible for: Giving you a Statement of Earnings. This includes: The pay period covered.

Paychecks: Using Your Money Wisely Chapter 2. Calculating Earnings  Wage- is a dollar amount per hour that you get paid for doing work  Gross Pay- total.

Financial Literacy Career Management. Your Paycheck Payroll and Taxes Deductions.

Basic Goals of Payroll System  Prepare and issue payroll checks  Produce records for accounting purposes and reporting to government and management.

What is the difference between a wage and a salary?

A plan for managing money during a given period of time Financial Roadmap.

Budget Notes Gross Income: the total amount of money one earns Ex. $7.25 an hour Multiplied by 40 hrs. per week______________ Multiplied by 52 weeks per.

HOME BUYING. How Much Can You Afford? Monthly payments – 28% of Gross Income Price of Home – 2-3 X Gross Income Gross Income – total income before taxes.

Career Development 11 Module 3.  If you earn $1500 a month after taxes, then your net income in one year is…  12 x 1,500 = $18,000  Calculate 20%

G1 © Family Economics & Financial Education – February 2006– Get Ready to Take Charge of Your Finances – Planet Paycheck – Slide 1 Funded by a grant.

2.1 F EDERAL I NCOME T AX FIT: (Federal Income Tax) is money withheld by employers. Required by law Amount is dependent on how much is made Taxes are used.

Figuring Your Paycheck Life Choices _____. Introduction Main reason most of us work is to _____ Paychecks are used to pay for _____ Important to know.

Lesson 1: Reading a Pay Stub. Objectives: Identify sections of a pay stub Determine how to calculate net pay Recognize various paycheck deductions.

Unit Question What is required to be successful on the job and how are paychecks and taxes computed?

1 Getting a strong start Money Management A project of Consumer Action | Funded by Consumer Action’s Money Management Project.

MATHPOWER TM 11, WESTERN EDITION Chapter 9 Personal Finance.

Pay Cheque Definitions. Gross Income (pay/earnings) The amount of income/earnings, for any pay period, before deductions.

Income Tax – Learning Outcomes

Pay-Cheques! Calm 20.

JOE WORKED 40 HOURS THIS WEEK. HE EARNS $15.75 PER HOUR

Payslips and Overtime.

Paycheque Terms.

Important Terms for Life and for Spreadsheets

Income Tax Derek has a gross annual income of €50,000. His standard rate cut-off point is €32,000. The standard rate of tax is 20%. The higher rate is.

Presentation transcript:

Money Terminology CALM 11

Income – How much money I take inIncome – How much money I take in Annual Income – How much money I take in over a yearAnnual Income – How much money I take in over a year

How do I get income? SalarySalary CommissionCommission Hourly wageHourly wage AllowanceAllowance

Payment PeriodAmount of Pay Checks over a year Weekly52 Biweekly26 Monthly12

How do I calculate Annual Income? (Amount per pay check) x (number of pay checks) = annual income Example Reagan makes $ per pay check and is paid weekly, how much does she make in a year? Answer $ x 52 weeks = $26, annually

Gross Income – The total amount of money I makeGross Income – The total amount of money I make Net Income – The actual amount of money I get to take homeNet Income – The actual amount of money I get to take home Why would there be a difference between Gross and Net income? Income tax Income tax Union Fees Union Fees EI employment insurance EI employment insurance  other??