A fixed amount is paid for the year’s work even though it may be paid weekly or fortnightly.

The worker is paid a fixed amount for each piece of work completed.

A fixed rate is paid per hour. The person is not permanent but is employed when needed.

This payment is usually a percentage of the value of goods sold.

Usually paid weekly to a permanent employee and based on an hourly rate, for an agreed number of hours per week

The amount of pay before any deductions such as income tax are subtracted.

The amount of pay an employee receives after deductions such as income tax have been subtracted.

Time worked by an employee in excess of a standard day or week.

Amount after allowable deductions are subtracted from the gross pay.

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Year 9 Financial

NSW Syllabus Financial Maths Topic

Term	Definition
Salary	A fixed amount is paid for the year’s work even though it may be paid weekly or fortnightly.
Piece work	The worker is paid a fixed amount for each piece of work completed.
Casual	A fixed rate is paid per hour. The person is not permanent but is employed when needed.
Commission	This payment is usually a percentage of the value of goods sold.
Wages	Usually paid weekly to a permanent employee and based on an hourly rate, for an agreed number of hours per week
GST	Goods and services tax
Gross Pay	The amount of pay before any deductions such as income tax are subtracted.
Net Pay	The amount of pay an employee receives after deductions such as income tax have been subtracted.
Overtime	Time worked by an employee in excess of a standard day or week.
Taxable Income	Amount after allowable deductions are subtracted from the gross pay.

Created by: wdobson

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