Understanding Salary, Deductions, and Sequences - VOCABULARY Flashcards

Vocabulary flashcards covering key terms from salary computations, deductions, and sequence/series concepts.

Annual Salary

Total earnings earned in one calendar year before deductions.

Monthly Salary

Earnings per month; typically Annual Salary ÷ 12 or Daily Wage × 24 days.

Weekly Salary

Earnings per week; typically Annual Salary ÷ 52 or Daily Wage × 6 days.

Daily Wage

Pay earned for one day of work; used to compute monthly or weekly pay.

Overtime

Additional hours paid at a higher rate than regular hours (1.25× the regular rate in the notes).

Regular Hourly Rate

The standard pay rate per hour before overtime.

Gross Income

Total earnings before deductions; includes salary, overtime, commissions, and piecework.

Net Pay

Take-home pay after all deductions are subtracted from gross income.

Deductions

Amounts withheld from gross income by law or employer policy (e.g., SSS, PhilHealth, Pag-IBIG, Withholding Tax, GSIS).

SSS (Social Security System)

Private-sector retirement, disability, maternity, sickness, and death benefits.

PhilHealth

Philippine health insurance providing healthcare and hospitalization benefits.

Pag-IBIG

HDMF; housing savings and loan program for employees.

GSIS

Government Service Insurance System; benefits for government employees.

Withholding Tax

Income tax withheld by the employer based on salary brackets and exemptions.

Commission

Earnings based on a percentage of sales.

VAT

Value-Added Tax; a 12% tax on goods and services in the Philippines.

VAT-Inclusive Price

Price that already includes VAT.

VAT-Exclusive Price

Price before VAT is added.

Discount

Reduction in price offered by a seller (often as a percentage).

Discount Price

Price after applying a discount; Original Price × (1 − Discount Rate).

Mark-Up

Increase in selling price over cost; expressed as a percentage.

Inflation

General rise in prices over time, reducing purchasing power.

Percentage Change

The change expressed as a percentage of the original value; positive = increase, negative = decrease.

Arithmetic Sequence

A sequence where the difference between consecutive terms is constant.

Geometric Sequence

A sequence where each term is obtained by multiplying the previous term by a constant ratio.

Common Difference

The constant amount added to obtain the next term in an arithmetic sequence.

Common Ratio

The fixed multiplier between consecutive terms in a geometric sequence.

First Term (a1)

The initial term of a sequence.

nth Term (an)

The term at position n in a sequence.

Sigma Notation

The summation symbol ∑ used to express sums of sequences.

Finite Geometric Series

Sum of a finite number of terms of a geometric sequence.

Infinite Geometric Series

Sum of an infinite geometric sequence; converges if |r| < 1.

Sum of Arithmetic Series

Sum of the first n terms of an arithmetic sequence; Sn = n/2 [2a1 + (n−1)d].

Sum of Finite Geometric Series

Sum of the first n terms of a geometric sequence; Sn = a1(1−r^n)/(1−r) for r ≠ 1.

Sum of Infinite Geometric Series

Sum of an infinite geometric sequence; Sn = a1/(1−r) for |r| < 1.