1. Money Terminology CALM 11

2. Income – How much money I take inIncome – How much money I take in Annual Income – How much money I take in over a yearAnnual Income – How much money I take in over a year

3. How do I get income? SalarySalary CommissionCommission Hourly wageHourly wage AllowanceAllowance

4. Payment PeriodAmount of Pay Checks over a year Weekly52 Biweekly26 Monthly12

5. How do I calculate Annual Income? (Amount per pay check) x (number of pay checks) = annual income Example Reagan makes $500.00 per pay check and is paid weekly, how much does she make in a year? Answer $500.00 x 52 weeks = $26,000.00 annually

6. Gross Income – The total amount of money I makeGross Income – The total amount of money I make Net Income – The actual amount of money I get to take homeNet Income – The actual amount of money I get to take home Why would there be a difference between Gross and Net income? Income tax Income tax Union Fees Union Fees EI employment insurance EI employment insurance  other??