Paycheque Terms.

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Presentation transcript:

Paycheque Terms

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. 2.3% of gross income contributed to a federal government pension plan.

El - Employment Insurance - 2 El - Employment Insurance - 2.5% of gross income deducted for insurance in case of unemployment. 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 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 a week, whichever is greater.