Money Terminology

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Money Terminology

• CALM 11

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• Income How much money I take in
• Annual Income How much money I take in over a
  year

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How do I get income?

• Salary
• Commission
• Hourly wage
• Allowance

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Payment Period Amount of Pay Checks over a year
Weekly 52
Biweekly 26
Monthly 12
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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

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