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5.1 Financial Maths
| Term | Definition |
|---|---|
| Usually depends on time worked and hourly rates and conditions are covered by a series of industrial awards. | Wages |
| An agreed annual amount paid fortnightly or monthly. | Salary |
| Overtime Rates such as time and half, double time | Penalty Rates |
| Overtime to be paid: At 150% (time and a half) of an employee's ordinary hourly rate for the first two or three hours of overtime worked. Saturday work in this category | Time and Half |
| At 200% (double time) of an employee's ordinary time hourly rate after the two or three hours of overtime worked. Sundays and Public Holiday in this category | Double Time |
| Leave loading, holiday loading or annual leave loading, is an extra payment employees may be entitled to on top of their usual pay whilst on annual leave. It is for full time work, 17.5% of their base salary rate. | Leave Loading |
| A piece rate is where an employee gets paid by the piece. When piece rates are paid, they apply instead of the hourly or weekly pay rate. An employee can be hired to work a mix of piece rates and hourly rate shifts. | Piecework |
| A commission payment is an amount paid to an employee based on how much they sell.Normally, the commission payment is calculated as a fee or percentage of the employee’s total sales. A commission payment can be called a ‘bonus’ or ‘incentive payment’. | Commission |
| be paid as an extra incentive on top of an employee’s pay or make up an employee’s whole wage (commission only payments). | A commission payment can |
| The amount of money earned by an employee before tax withheld | Gross Pays |
| The amount of money an employee receives after the tax withheld | Net Pays |
| The employer collects some income tax from an employee’s salary or wage every time when they get paid under the pay-as-you-go Australian Tax system | PAYG withholding |
| Assessable income minus allowable deductions. | Taxable Income |
| Expenses incurred in the course of earning income that can be used to reduce taxable income | Allowable Deductions |
| The amount of income tax required to be paid on a person's taxable income after applying any tax rebates | Tax Payable |
| An amount payable by most taxpayers to cover some of the cost of the public health system. | Medicare Levy |
| A government allowance that helps with the cost of raising children. | Family Tax Benefit |
| An amount that may reduce the amount of income tax payable | Tax Offset/Rebate |
| If what you have paid (tax withheld) is more than you should pay (tax payable), you will receive a tax refund | Tax Refund |
| If what you have paid (tax withheld) is less than you should pay (tax payable), you will need to pay the difference, which is the tax liability | Tax Liability |
| The amount of money an employee earns after paying tax and Medicare Levy | Net Earnings |
| The value of money that you start with (commonly the money that you loan from a bank) | Principal |
| Putting money into financial schemes with the intention of gaining profit | Investment |
| The percentage increase of money that is either owed to you or you owe the bank after investing or getting a loan | Interest rate |
| A duration in which the interest rate affects your principal value | Time period |
| The interest rate percentage that is offered initially can change | Fluctuate |
| A single use formula in order to calculate the amount that either you owe from taking a loan from a bank or money that is owed to you from investing your money into a bank | Simple interest |
| Earning interest on money that you invest and earn from investing | Compound interest |
| Money that is borrowed which commonly results in having to pay interest on top of the money borrowed | Loan |
| Yearly | Per annum |
| A document arranged into rows and columns often used for calculations involving planning money expenditure | Spreadsheet |
Created by:
nida0412
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