Earning an Income

When you get a job, how do you get paid?

• Money is deposited into a bank account

• Cash

• Cheque

• Can be any of the above

What is tax?

• Money taken from your pay to give to the government

• Extra money you receive

• Money earned from your bank account

• None of the above

Deductions are amounts taken from your pay. These may include:

• Superannuation (money set aside for your retirement)

• Tax

• Insurance

• All of the above

The amount you receive every week before deductions are taken out is called:

• Net pay

• Gross Pay

• Annual pay

• Hourly rate

The amount you receive every week after deductions are taken out is called:

• Net pay

• Gross pay

• Annual pay

• Hourly rate

When you get a job you could be paid:

• A wage (hourly rate + overtime)

• A salary (annual rate)

• Commission (an amount based on how much you sell)

• Any of the above

Legally you must receive the following amount for any work you do:

• At least $10 per hour

• Free things

• Overtime

• The minimum hourly rate outlined in the Award

Which of the following jobs is likely to be paid more?

• A trainee (studying a TAFE course)

• A qualified tradesperson

• A University trained employee

• A retail worker (no qualifications)

A salary is:

• A type of pay that is not taxed

• A set amount you get paid each pay period regardless of the number of hours you worked

• Hourly rate x number of hours + overtime

• Bonus pay for doing a good job

Overtime is:

• Extra money paid for working more than the minimum number of hours each week

• A deduction for working back late

• A deduction for not turning up to work on time

• Extra money paid because the boss likes you