Pay-Cheques! Calm 20.

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Presentation transcript:

Pay-Cheques! Calm 20

Pay Cheque Definitions Gross Income: The amount of income/earnings, for any pay period, before deductions. Net Income: The amount of income/earnings, for any pay period, after deductions. (Take home pay) CPP: Canada Pension Plan. 2.3% 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.

Pay Cheque Definitions Income Tax: A deduction paid to the Federal and Provincial government for taxes. LTD: A deduction for Long Term Disability insurance. Union Dues: Fees paid for a membership in a union. Bonds: An investment in which a business or government pays a set interest rate.

Pay Cheque Definitions 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 a week, whichever is greater.