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Business Mathematics Chapter 4, Section 1-3: Earning a Living, Gross Pay, and Taxes

Business Mathematics Chapter 4: Income and Taxes
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Terms to Know:
Section 1: Earning a Living
  • Education is the biggest factor in earning a living.
  • The two other main factors that affect earnings is years with the business and responsibility.
  • You may be paid your wages by salary, hourly, commission, piecework, and tip.
  • Salaries are paid weekly, bi-weekly, or monthly.
  • Employees who are paid hourly are paid for the number of hours worked within the pay period.
  • If you work more than a set number of hours within a certain period, you receive overtime pay which is more than your regular pay.
  • A commission is a percentage of a sale.
  • A tip is given to show appreciation for a service done.
Section 2: Deductions from Gross Pay
  • Net pay is paid after deductions.
Section 3: Social Security Tax
  • The two factors that determine the amount of FICA withheld is Social Security percent and the maximum taxable income.
  • Inflation is the increase in the money supply.
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