Pay Cheque Definitions. Gross Income (pay/earnings) The amount of income/earnings, for any pay period, before deductions.

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Presentation transcript:

Pay Cheque Definitions

Gross Income (pay/earnings) The amount of income/earnings, for any pay period, before deductions.

Net Income (pay/earnings) The amount of income/earnings, for any pay period, after deductions. (Take home pay)

CPP Canada Pension Plan. 4.95% of gross income, contributed to a Federal Government pension plan.

EI Employment Insurance. 2.5% of gross income deducted for insurance in case of unemployment.

Income Tax A deduction paid to the Federal and Provincial governments for taxes.

LTD A deduction for Long Term Disability insurance. You will be paid a percentage of your normal income if you cannot be at work for an extended period of time.

Union Dues Fees paid for membership in a union.

Bonds An investment in which a business or government pays a set interest rate.

Advance Earnings Deducted money that was received in advance of the pay cheque.

Overtime Earnings Pay received for working over 8 hours a day or 44 hours per week, whichever is greater.