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

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Presentation on theme: "Pay Cheque Definitions. Gross Income (pay/earnings) The amount of income/earnings, for any pay period, before deductions."— Presentation transcript:

1 Pay Cheque Definitions

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

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

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

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

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

7 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.

8 Union Dues Fees paid for membership in a union.

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

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

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


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