Ch 10- Getting Paid & Paying Taxes Flashcards
Types of Pay
1
Q
Basic Pay
A
the amount that an employee recieves for a normal working week, before any deductions or extra payments are made.
2
Q
Gross pay
A
basic pay plus additional payments
3
Q
Salary
A
a fixed monthly payment
4
Q
Wage
A
a payment made on the amount of work done
5
Q
Time rate of pay
A
pay depending on the amount of hours worked
6
Q
overtime
A
the extra hours worked in a week
7
Q
piece rate of pay
A
when employees are paid for each product produced
8
Q
Commission rates
A
when employees are paid for each unit sold
9
Q
bonus payments
A
special reward payments made to staff in recognition of their special efforts or achievements
10
Q
payslip
A
a written calculation of earnings given to an employee with the amount paid and deducted on it
