In the following chart, show how confident you feel about each statement by drawing one of the following: , , or . Then discuss this with your teacher BEFORE you write the test! Statement After completing this unit; I can calculate gross pay if I know a rate of pay and amount of time worked I can calculate the total time worked from a weekly work schedule I can describe different methods for earning an income (a salary, piecework, a salary plus commission, etc.), and give examples of jobs that fall into different categories I can calculate earnings from the combination of a salary plus commission, bonuses, or tips I can calculate gross pay based on piecework I can describe the advantages and disadvantages of a method of earning an income (contract work, piecework, salary, or commission, etc.) I can determine CPP, EI, and income tax deductions (federal and provincial/territorial) for a given gross pay, both from tax tables and by calculation, and can use these to calculate net pay I know what deductions are used when calculating taxable income Vocabulary: Chapter 2 benefits pay statement Times to Know biweekly piecework 1 year = 365 days bonus salary 1 year = 52 weeks commission self-employment 1 year = 12 months contract semi-monthly weekly = 52 times/year deductions shift premium biweekly = 26 times/year gross pay taxable income semi-monthly = 24 times/year minimum wage tip annually = yearly net pay wage overtime WAYS OF EARNING AN INCOME
In the following chart, show how confident you feel about each statement by drawing one of the following: , , or . Then discuss this with your teacher BEFORE you write the test! Statement After completing this unit; I can calculate gross pay if I know a rate of pay and amount of time worked I can calculate the total time worked from a weekly work schedule I can describe different methods for earning an income (a salary, piecework, a salary plus commission, etc.), and give examples of jobs that fall into different categories I can calculate earnings from the combination of a salary plus commission, bonuses, or tips I can calculate gross pay based on piecework I can describe the advantages and disadvantages of a method of earning an income (contract work, piecework, salary, or commission, etc.) I can determine CPP, EI, and income tax deductions (federal and provincial/territorial) for a given gross pay, both from tax tables and by calculation, and can use these to calculate net pay I know what deductions are used when calculating taxable income Vocabulary: Chapter 2 benefits biweekly bonus commission contract deductions gross pay minimum wage net pay overtime pay statement piecework salary self-employment semi-monthly shift premium taxable income tip wage Times to Know 1 year = 365 days 1 year = 52 weeks 1 year = 12 months weekly = 52 times/year biweekly = 26 times/year semi-monthly = 24 times/year annually = yearly WAYS OF EARNING AN INCOME
unit_2_-_earning_an_income.docx