Describe, using examples, various methods of earning income.

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.

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.

Read and explain the information provided on pay stubs.

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.

Determine gross pay for different situations, including:

• base hourly wage, with and without tips, from given or calculated hours worked
• base hourly wage, plus overtime (time and a half, double time) from given or calculated hours worked
• base wage, plus commission
• single commission rate
• graduated commission.

Determine the Canadian Pension Plan (CPP), Employment Insurance (EI), and income tax deductions for a given amount of gross pay.

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).

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?”).

Create, research, and solve situational questions relevant to self, family, and community that involve income.

Critique the statement “When planning for a budget, it is important to calculate net pay rather than rely only on gross pay”.