- wages
- salary
- contracts
- commissions
- piecework
- self-employment
- gross pay
- net pay.
[C, CN, R, T]
(a) |
Describe, using examples, various methods of earning income. |
(b) |
Research and record jobs that commonly use different methods of earning income, including hourly wage, wage and tips, salary, commission, contract, bonus, and shift premiums. |
(c) |
Describe the advantages and disadvantages for a variety of methods of earning income, such as hourly wage, tips, piecework, salary, commission, contract work, and self-employment. |
(d) |
Read and explain the information provided on pay stubs. |
(e) |
Determine in decimal form, from a time schedule, the total time worked in hours and minutes, including time and a half and/or double time and explain the strategies used. |
(f) |
Determine gross pay for different situations, including:
|
(g) |
Determine the Canadian Pension Plan (CPP), Employment Insurance (EI), and income tax deductions for a given amount of gross pay. |
(h) |
Identify and describe deductions that may be relevant to self in the future which are used when calculating net pay (e.g., health plans, uniforms, union dues, charitable donations, payroll tax). |
(i) |
Investigate, using technology, “what if ...” questions related to changes in income (e.g., “What if there is a change in the rate of pay?”, “What if there is a change in the method of earning income?”, “What if I can qualify for deductions?”, “What if I work 80% time instead of full time?” , “What if I am sick for a long period of time?”). |
(j) |
Create, research, and solve situational questions relevant to self, family, and community that involve income. |
(k) |
Critique the statement “When planning for a budget, it is important to calculate net pay rather than rely only on gross pay”. |
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