General Mathematics: Salary, Wage, and Commission

This set of vocabulary flashcards covers terms related to salary, wages, commissions, and payroll deductions as presented in the General Mathematics curriculum.

Wage

The remuneration or earnings capable of being expressed in terms of money, payable by an employer to an employee for work done or services rendered on a time, task, piece, or commission basis.

Daily Wage

The amount of money a worker earns for each day of actual work, excluding unpaid rest days or holidays unless required by policy.

Hourly Wage

The amount of money earned for each hour worked.

Salary

A fixed regular wage typically paid monthly, semi-monthly, or weekly, especially for professional, managerial, or administrative positions.

Annual Salary

The total amount of money a person earns in one year, usually composed of fixed monthly payments.

Semi-monthly Salary

Income earned twice a month at intervals not exceeding $16$ days, often computed by dividing the monthly salary by $2$.

Monthly Salary

The fixed amount an employee earns every month.

Weekly Salary

The income received in a single week.

Overtime Pay

Extra pay for working beyond $8$ hours at a rate of an additional $25\%$ of the regular wage.

Commission Income

Earnings calculated as a percentage of sales made, which can be pure commission or a base salary plus commission.

Piecework

Earnings based specifically on the number of items or products completed.

Gross Income

Total earnings before any deductions like taxes, health insurance, or other contributions are subtracted.

Net Income

The 'take home' amount remaining after all deductions have been subtracted from the gross income.

Deductions

Amounts taken from gross pay including taxes, government contributions ($SSS$, $Philhealth$, $Pag-ibig$), and mandatory fees.

Night Shift Differential

The additional pay for work performed between $10:00\,PM$ and $6:00\,AM$, calculated by multiplying the applicable rate by $1.10$.

Rest Day or Special Holiday Rate

The pay rate for working on a rest day or special holiday, calculated as the daily rate multiplied by $1.30$.

Regular Holiday Rate

The pay rate for working on a regular holiday, calculated as the daily rate multiplied by $2.00$.

Regular Holiday on Rest Day Rate

The pay rate for working on a regular holiday that falls on a rest day, calculated as the daily rate multiplied by $2.60$.

Benefits

Additional forms of compensation such as health insurance, paid leave, and de minimis benefits.