business tax

Question 1

what is basic pay

Answer 1

the amount you earn for a normal working

Question 2

what does time rate mean

Answer 2

paying an employee for the number of hours they work

Question 3

what does piece rate mean

Answer 3

paying an employee for the amount of work they do

Question 4

what does comission mean

Answer 4

paying an employee a percentage of the amount they earn depending on how much they work

Question 5

what is gross pay

Answer 5

total pay before any deductions

Question 6

what is net pay

Answer 6

gross pay after any deductions

Question 7

what does statutory deductions mean

Answer 7

decuctions that must be taken from ebery employee’s pay

Question 8

what does non-statutory deductions mean

Answer 8

vluntary deductions that an employee chooses to pay if they wish

Question 9

what is tax credit

Answer 9

reduces the amount of tax payable

Question 10

what is annual pay

Answer 10

what you earn per year
calculate monthly-divide by 12
calculate weekly-divide by 52