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Define what Gross Income is.
Total amount of money a person earns
Define what deductions are and provide me the names of the three deductions that we learned.
Amounts subtracted from gross income, such as tax, superannuation, union fees
What is Net Income?
The amount that individual takes home after deductions have been subtracted.
What is the formula for calculating Net Income?
Net Income= Gross Income - Deductions
True or False (and why?). The amount an individuals works for in a week, is the amount that they take home.
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Jules earns a gross income of $724 and his employer deducts $151.46 in tax, $7.10 insurance premiums and $100 voluntary contribution to superannuation. Find his net pay.
$465.44
Daniel gets taxed $200 a week for his job. Calculate his annual tax paid.
$10 400
Bryan makes $2 500 a week from his job, in addition to $100 from Uber Driving. His deductions are $470 are week. Calculate his Net Pay.
Net Pay= $2 130
Calculate the amount of tax paid, if Gross Income= $11256 and the tax rate= 48.5%
$5459.16
Ashton's Net Pay is $2000 after he has paid deductions of $200 in tax and $150 in Union Fees. What is his Gross Income?
Gross Income= $2 350
Calculate the Net Income if: Gross Income= $9040, Tax= $3176.26 and Other Deductions= $92.46
Net Income= $5771.28
Calculate Marco's Gross Income if he is paid a wage of $32/hour for 6 hours and an additional 2 hours paid at time-and-a-half, 5 days a week.
$1440
Adam's Gross Income is $3200 a week and his tax is $324. Calculate what percentage of his Gross Income is Tax.
10.125%
What is the difference between Commission and Piecework? Give specific examples.
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What is the specific definition of a Salary?
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When is a Bonus given to an employee?
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