Topic 1 Flashcards

(24 cards)

1
Q

Wage

A

earnings based on hours worked (maccas workers)

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2
Q

Salary

A

fixed amount, regardless of hours (nurses, teachers)

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3
Q

1 year =

A

= 365days or 366 if leap
= 12 month
= 52 weeks
= 26 fortnights

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4
Q

Annual leave loading

A

extra payment for taking leave, added to the normal pay – usually for a holiday.

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5
Q

Annual leave loading Payment

A

17.5% x normal pay x number of weeks leave

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6
Q

Bonus

A

extra one-off payment used as an incentive, in addition to the normal income.

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7
Q

Overtime

A

work beyond normal working day

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8
Q

Time-and-a-half

A

normal rate x 1.5

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9
Q

Double time

A

normal rate x 2

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10
Q

Special allowance

A

payment for difficult/dangerous working conditions, or when they have to buy something for work

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11
Q

Commission

A

percentage of the value of the goods sold

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12
Q

Retainer

A

small payment in addition to the commission.

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13
Q

Piecework

A

payment for work completed

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14
Q

Piecework Payment

A

number of items x amount paid per item

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15
Q

Royalty

A

payment for the use of intellectual property

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16
Q

Royalty Payment

A

percentage of goods sold or profit received.

17
Q

Government income

A

pension, allowance or benefit

18
Q

Allowable deductions

A

deductions allowed by the Australian Taxation Office (ATO) eg.
* Work-related expenses
* Self-education expenses
* Travel expenses
* Car expenses
* Clothing expenses
* Tools

19
Q

How do most people pay tax?

A

with a PAYG system (pay as you go) that deducts automatically from their wage - can end up above or below the amount they need to pay

20
Q

taxable income

A

your gross income (including wage/salary, profits from shares, interest, any type of payment) minus allowable deductions.

21
Q

Deductions

A

regular amount of money subtracted from a person’s wage/salary

22
Q

Net pay

A

Gross pay – deductions.

23
Q

MEDICARE LEVY

A

Medicare levy is calculated at a rate of 2% of taxable income.